I plan on getting the tenants going forward... it’s been a painful lesson so far.

Seems that we are in a growing pain period in which new prices are adjusting themselves out through trial and error.

It looks easy when things are going well, but it can be a real pain when there are less than ideal tenants or emergency repairs are needed.

If they don't they will have to pay that rent or you can seek a judgement against them. 

My main considerations are 1) this is a good tenant who always pays on time and never complains and 2) the increased rent at this point, though getting to be significant, would still take 4-5 years to cover the cost of renovation.Tangentially related question: when would you pay cash to renovate versus seek a renovation loan?

A sign of good faith, this amount consequently allows for additional time to seek financing.

Its in a mid-range property - a 4 BR duplex that we will seek about $2-$2.2k rent, hopefully a B+ property in a B market.  

Log cabins are a pain, and this sounds like not a good one to begin with.

If you are going to do this yourself and not a manager I would highly recommend you seek a local real estate attorney. 

We can usually quote and generate a pre-qual letter within an hour of the request.Let me know if you're still in need or if you found what you were seeking!