I have rental house with a separated detached apartment above a garage that I plan to sell.

Remodeling homes into something distinctive and desirable, like entertainment-centered properties, can definitely set you apart in the rental or short-term rental market.

Which if you can pay cash and assume you will get your cash back when you sell is fine but if you need a mortgage you still have certain margins you need to meet.

I suspect they won't be able to make it and being a new landlord, don't have any experience with this aspect of property management.

Hello BP Community,My name is Patrick Belanger, and my wife and I (both engineers turned entrepreneurs) havebeen investing in Edmonton and the surrounding communities since 2013, buildinga 32 unit local portfolio of single family homes, duplexes, garage suites, andsmall new-build multifamily (6 and 8 unit properties).

I sold my rental property to buy my current condo and am available to help investors build & grow their portfolios.

I got interested in real estate investing last year and since then have read several of the BP published books on real estate.I still have a lot of unanswered questions floating in my head but my goal is to buy my first property and some point next year. 

It can vary based on the neighborhood and the property's condition, though.

---------------------Let’s say I know of an industrial property with a few tenants that is negatively cash flowing due to a combination of mismanagement and below market rents.

I already own one rental property, which is doing great, with cash flowing around $500-$600 per month.