This constant change keeps the atmosphere of Broad Ripple feeling somewhat fresh even when there are changes bearing down on the area.

If you want to go that direction, id ask them if they would want a new, fresh remodel.

But if you are transferring in fresh funds make sure those would be available as a loan.

I would bake in a management fee and separate management agreement where the landlord partner gets basically a salary or preferred return for the management duties, but with the flexibility to change the arrangement to a new manager if needed w/o messing with the ownership structure. 

One unit was updated (LVP floors, granite counters, stainless steel appliances, fresh paint) and now serves as a furnished rental.

As for the exterior fresh paint and landscaping goes a long way on curb appeal.Look for the common theme in the neighborhood within the fixed up properties that are selling and try to mimic that, no need to reinvent the wheel.

Hi @Cody Fresh, may I know how many mailings you send out and the volume of your mailing list?

And eventually we'd look to bake those costs into our next refinance.  

We either charge a 'water fee' or bake the cost of that utility into the rent. 

Some fresh paint and minor upgrades could ensure a maximum return when its time to sell.