On the 4 plex, we paid $295K in early 2016, and focused on lease loss as the primary value add.  

-Like you said, better cap rates, at least on paper.Cons:-I remember reading about IBM shutting down, which probably meant the loss of a lot of jobs.

If I include the income statement it shows the property at a loss because depreciation is factored in.  

If you refinance and pull out cash, your profit will go down, lets say it goes to $300/mo after refinance, then it's 16 months to recoup the losses above.So, my advice, save 12 months of management, vacancy and repairs (~10K), then think about refinancing.

In the case of a verbal lease, well then it's your word against the tenant's.I'd highly recommend seeking the input of a real estate attorney, but if you're using a FAR-BAR lease, the newer version makes it clear that the tenant is responsible for the entire lease amount, unless the property owner allows for a buy-out (typically two months advance rent to cancel plus loss of security deposit).

However, this option would require that you not need to sell the current property in order to buy your new AL lake-side residence in 18 months, so this may not be feasible.

@Asim Alam if you are insuring for a total loss, the policies max payout is purchase price plus your additional investment.  

.- One that provides great reports of profit/loss and any invoices coming in and out- One that can handle 70 properties but can grow with you. 60 of the properties are residential homes but about 10 are multi-family (need to be setup little differently because of shared utilities/space) and couple of commerical ones.Would love to hear your thoughts especially from those who can relate or have used any of these.

This is one of the MAIN reasons I posted this thread, because like say a RE agent targeting the 'higher end,' I would prefer working with 'professionals,' who are either 'relocating,' or perhaps had a divorce, job loss and/ or BK filing... but now have good cashflow and a great job, or successful business venture... vs. people 'wishfully thinking' that will ultimately LOOSE their down payment,' the majority of the time.

And for the new unit a ductless system might be feasible and make the most sense