I think that you'll find it a better business decision to ride out the short payments and not renew than it would be to go through the eviction process.

., - coverage for slow seepage and leakage (especially since tenants don't always report problems right away),- in our area (Houston and the gulf coast) you also want to consider the pros and cons of a 1% vs 2% deductible for wind and hail claims. 

Prepare yourself for a rollercoaster ride my friend.

It had been empty since it was purchased in 2017 as the owner purchased the home for his father and made updates (new HVAC/water heater, bathroom fixtures, flooring, kitchen, also a new roof was put on in April due to hail damage).

I assume you are asking if it is better for you to #1 buy the property and evict the tenant and put in $10k in repairs to increase the rent or #2 just keep the tenant in there and put in few repairs and ride it out. 

My father bought a 1964 Barracuda that we intended on restoring, but instead I had a S-10 that I put a bunch of money into (air ride, wheels, etc.)

Newbie hailing from south TX, in the corpus Christi region.

Can I see you on ESPN riding around in a bass boat?

His advice was even at a break even rate the option is worth something so we're going to ride it out.

Ride the current tenants at the current price and when the units turn over be ready to do a value-add rehab and raise rents to market rate for their new condition.