It's likely that way for a reason :) @Nicholas L. provides some good insights and a great post on that topic specifically.

Since I've never dealt with previous tenants, I'm looking for some advice on the best way to move forward...Unit 1:- Studio Apt- I did a walkthrough last week and spoke to the tenant; he mentioned the only issues he's had in the past year and half is that the cold comes through the windows- He and the owner both confirmed that the tenant is month to month and paying $750, but so far the owner has not provided a lease.- The owner did provide proof of payment, and rent is confirmed $750, but always a few days late...Unit 2:- 1 BR- There was a language barrier, she didn't speak english, and I think she was afraid to open the door so I didn't get to tour it.

Controlling this moisture is 100% best done when the house is being built, so if the builder or homeowner never intended or cared that it be finished, and didn't seal the basement and provide for toe drainage, everything you do is going to be combatting that issue.

Build relationships and provide value!

And, do those provide a higher overall return than real estate rentals? 

Hey Josh, BP resources are a great inexpensive way that provide more values than 99% of courses.

I'm not an accountant, so could be wrong, but I think you're confused because it sounds like you're thinking that your cash-out refis somehow provided you with tax-free profit for the amounts you pulled out?  

Please feel free provide your thoughts and advise.Thanks in Advance!

I don't think it will provide any safeguards for damage or liability etc.  

The issue is due to the floorplan, I am having issues having an idea on how to reorganize the kitchen.Does anyone know or recommend an interior renovation design that could provide a design idea?