The only way this was possible is by taking bits of information from BP about managing effectively, reducing downtime and vetting tenants.

If nothing else, it can drive focus so you don't find yourself going down time wasting rabbit holes.  

H Tarun,The first hurdle you have to deal with is "Are the Units up to Market Rent standard" (inside and outside).10 year old carpet, appliances, paint, etc....are probably at the end of their service life.How much will it cost to turn the unit (down time as well as labor and supplies) to bring it up to Market Rent standards?

I still treat it as a business and don't go during peak, but rather where there is downtime.  

I’ll never stop doing what I do for work (actor/writer), but I typically have a fair amount of downtime.

If he was estimating by the hour, he never would have made that profit (especially to cover his down times..).But, I do have contractors/trades that charge closer to the hour, or more like a "day rate" which is much more fair in my opinion. 

Assuming we get 60-70% occupancy, if one party wants to use it  during downtime, or takes a chunk out of a prime date range, how could that be worked out?

Hi Rosalie,If you see competing properties close to you getting an extra $50 a month for laundry machines, MAYBE you could get that too.Are your renters topped out on monthly payments and a $50 increase will make them move, then you have turn costs and down time on the unit.How much does coin laundry cost in local pay/wash place.Are the renters spending $10 a week in quarters there (less/more)?

market the property to build a queue of prospective tenants so you minimize downtime if you have to evict. 

If you are trying to do the renovation while the tenant is in there to reduce the downtime from a cashflow perspective, you are likely much better off having a turnover plan staged and ready to go into effect the moment the tenant is out of the unit rather than trying to work around them.