It's a poorly run facility w/ 160 units, >95% occupancy and value add potential. current annual revenue is $85k. expenses not shared, so I'm assuming 40% expense ratio.

We've had 3 god awful tenants in 3 years and the biggest one is "It doesn't matter if the person is your best friend in the world, they must sign a lease just like anyone else."

However, one of your biggest advantages is that your property tax basis is lower relative to current investors, so you have structural margin to capture going forward.

We are ranked in the top 15 for most affordable places to live and recently we have grown to be the biggest city in Alabama by population.

I want to run some scenarios of increased revenue if I were to renovate a strip center and increase rents. 

Major lessons learned:1) Sometimes the biggest disasters lead to the biggest upside.  2) I filed two insurance claims here - one for the property damage and one for the theft of electrical & plumbing. 

The property might cost $24k/year to rent with $60k annual revenues.

Your biggest obstacle in doing that would be if the work needed was required to be preformed by a licensed professional.

My goal is to generate another revenue stream aside from my full-time job, so in the future I'd rent out the property instead of living there myself.My question is this: since my apartment lease ends on November 30th so I will also need a place to stay, which of the following options would be the best first move in order to generate income/build wealth?

My biggest advice for first timers, before they speak to the owner or listing agent, is to know their numbers.