Update the units- take care of the building and add value to what was a poorly managed situation.

Prioritize the essential updates, like the floors.

We are cash flowing 1k a month, with all units updated and occupied.

If you want to live in these areas find a property that offers a little bit of ad value projects- like updating kitchens and bathrooms.

So, do the math $120 / $20 = 6 hours/month.How much time do you think it takes to process rent payments, update software, send you your funds, answer tenant calls & emails, answer your calls & emails, followup with tenant if they don't pay on time, etc?

@Esther Tama and others,   Yes Esther I've heard of local credit unions offering good terms on commercial/rental loans and not being DTI (fannie under writing).Update on my cash out refi progress;- finished 2 of the 3 REFIs I started with FinOfAm, they where the worst, most painful lender / underwriting I have ever done, including bank/fannie under writing.  4 months, FOUR months to close each of 2 loans. 

In order to do that I would need to put mini-splits in each unit, currently have window ac,  get new windows, new roofs (already ordered) update kitchen, bathrooms, furnish the units, and will have to do 1 by 1 because I need to wait until the tenants move out, etc.  

Will likely do a forum post of the outcome when I move out and make all necessary updates to the property.

Update: Just got a notice from the city that we (the owners) need to remove the trash by a certain date, because it's a public safety violation. 

You would just update the beneficiaries of the trust on your paperwork.You could possibly even update the trustee without it looking like a sale or transfer.