If your intention in investing is to maximise your returns inform your tenant that they are below market and that you will be raisin rent 400/month in 60 days.

learn about 1031 tax deferred exchangescomplete you financial package - 3 years tax returns P&L - real estate portfolio, credit scoreexpect to be rejected by lenders and other W-2 employees - qualify lenders, bankers, mortgage brokers - ask what products they have - see if you qualify for themlook at 20 buildings before offering on any - know the SF dollar cost - keep a journalmail lots of letters (be professional NO yellow childish communications) to owners of apartment buildingsUnderstand what a CAP rate is and how to get to it - fill out your  commercial APODVerify -verify - verify all financial data given you by sellers - sellers are liars (so are buyers) trust NO One!

This is one of the key components I have learned from developers 30 to 40 years into the business versus my 14 is to assess what it is you are doing, timeline and risk to get to the return you want, and then decide if it makes sense to take on the risk or structure an exit a different way ( or not do the deal at all in any way,shape,or form and move to the next property).  

So part of our investment thesis is the continued growth of a neighborhood I know is on the upswing.Obviously with the repairs needed, and the fact its not acceptable for occupancy, there is a major opportunity for forced appreciation, and the current rents would be all but impossible to use to do any calculation of returns.  

My question is: if we decide to pull the trigger on this deal what are some creative strategies to optimize my return on this land?

Say my tenant broke something that I could easily fix myself like patch a large hole in the drywall or replace a few broken tiles.

.- When I have enough demonstrated commitment and effort and find a way to bring value to the table, I would really like to find someone who is willing to mentor me, in return for whatever assistance I can be in whatever way possible.  

For those that answered (or returned calls) no bites.

Your returns will be lower than someone who can drive over and fix issues.

You never spend money that does not guarantee a return other than on essential maintenance.