Buying a rental, even a turn-key, increases your income.

Somehow, my cousin is convinced that if something worse were to happen to his parents (they are 90 and 88 yrs old with increasingly challenging health issues), and they would to be cared for in a nursing home, that the state of NJ would step in and claim all the assets to "pay" for their care.  

There's always ways to increase response and conversions, but remember 20/80 rule.

When you say that refinancing limits your ability to write off interest, do you mean that you won't be able to write off the additional interest increases or do you mean that it will also hinder the previous amounts as well?

I would definitely increase the rents to where they make sense for the deal immediately, but keep them month to month just in case they are nightmare tenants.

I'm wondering what the standard is for snow removal?

This allows us to invest more money and increase our wealth.

I know that the auctioneer has the right to bid to increase the price but don't know what to do.

On MLS, I see some properties in an area have $3k or $5k increases monthly last few months.

It's an asset which has a depreciated cost basis which you increased by deferring gain from a prior proper by way of a 1031.