To maintain/grow your cashflow. 

If we refinance and still hold the properties, they maintain their ownership percentage, but if they have all of their cash back there will no longer be the preferred return. (2B)  If they want bought out, but it's not majority to sell the properties, they can sell their ownership stake along with all benefits to any one at any time.  

Hi Josielyn,  The cabinets are wonderful...can't say enough about how good the quality is, they are sturdy, they maintain their new look, and we still get compliments.

Generally speaking, it's been underperforming for a reason that's above the level of "ugly" or not-maintained.  

There is more mowing, maintenance, perhaps fencing and tress to maintain.

Depending on concentration, they are very hazardous.

It is a big jump from a few residentials into commercial and your ability with construction may be the key to success here.....personally I would play to your strengths and increase rentals in newer, well maintained residentials......but it could be high risk, high reward as you mention, netting you millions over time or driving you into bankruptcy with an environmental hazard or demolition candidate....

@Ming Lim We aim to establish and maintain a reserve of between $300 & $600 per unit depending on the building and the age of its major systems and components.

It sounds like you have some related experience related to purchasing property, but I personally would concentrate on a stabilizing everything else right now. 

I would say that it is not a huge deal as someone who is buying this type of property is probably more concerned about a quieter area.One last thing, make sure you know who is required to maintain it.