If it's below average, I would discontinue the lease when it's up and then do a renovation then put it on the market for market rate. 

It's a lot quicker, and you can minimize the risk substantially.

You obviously don't want to put grossly more money into a property than its worth.

I expect that someone will put you in touch with a some small, niche REPE shop that will likely take you up on this. 

I had a few questions and would appreciate any advice in general.Strategy / Goal: BRRRR but no major rehab at first to lower the risk.

Then put yourselves on a budget!

Starting to regret our good will to help them because it's a hassle to get it rerented and they are getting on our nervesWe did put it in writing in an email that they owe us for the entire term but that we would work to get another tenant.  

My lender will charge an extra 5% just for the risk being undertaken during the build process.  

I work with investors that put about 10% down on BRRRR properties, I'd be happy to connect you with our lender. 

Let's me put numbers to it: Bought a STR for $400K, 20% down, 8% DSCR loan.