The ability to do this can significantly boost your bottom line.

The upside for me per their proforma (less risk-free return on my money) would be roughly 50% boost over what I would get by just selling the lots. 

Regardless, below is a common re-positioning plan:Rehab the exterior, landscaping, and amenities first, which adds value to the existing residents (and curb appeal to the new ones)Rehab the vacant unitNotify another resident and provide them with the option to (1) stay in their un-renovated unit at the new rent (2) move into the renovated unit (3) move out.Repeat (with as many or as few units as you like)Assume (and be prepared) for some residents to provide notice on their own to move out (as word gets out)Provide 60 day notice, be respectful, and just run your business. 

Another benefit is accelerated depreciation of the asset through a cost segregation over the holding period, further reducing tax costs and boosting cash flow.There are certain requirements that have to be met for all of this so seek the help of a tax professional that specializes in CRE.

It's next to a big empty lot on a busier road and he thinks it's going to be commercial which will boost the price of the property. 

Then boosting them with paid ads.

So I admit I come into real estate from a place of wanting to boost and secure future financial independence, not necessarily due to a love of the field itself.

That way their credit gets a little boost and remove the foreclosure on their credit so they could move on with their lives. 

But him moving in has been a big boost in my commitment and motivation in real estate, but in everything else too.  

The power bills can be really high as well.Good gym operators tend to have nutrition bars, personal training, etc. for multiple revenue streams to boost profit.I look at liquidity and net worth to prop up the business.