The tenants currently paying way below market rate but I want to figure out my best option between either raising the rent with the current tenants or going through the proper channels to remove them. 

@Julio Velazquez - I'm not sure your original question was answered here properly.

If it takes 5 to 10 years to recover, you should cash flow throughout the downturn if you are managing your money for the property properly. 

Firstly, i want sure if this is the proper forum to ask this question.Also, please pardon my ignorance with regard to these topics, I've only purchased 1 home so far, and am trying to assist my wife and her father.My father-in-law just told us that his house was written off a few years ago after some sort of bankruptcy.His wife passed away last year and he wants to start preparing his will.This was my wife's childhood home and she wants to try and keep the house in the family ..... which doesn't seem likely to me once her father passes, considering it was written off and they don't have the title.1.

I typically will "help" the appraiser do their job by bringing valid comps with details on each comp as many appraisers come from out of area at times and are not familiar enough to do a proper job so it is often up to the investor to make sure the job gets done right.

In terms of a 1031, it's definitely a productive strategy when used properly.

@David Rodriguez not sure where you’re located of course consult someone with the correct knowledge do take my word for it but I think it’s just a matter of ending the month to month contract by giving the proper notice properly.

I’ll refi 30 year fixed once the proper seasoning period is met. 75% LTV of new appraised value.

@Gerardo Waisbaum There are VERY few purpose built 3 and 4 unit properties in Indianapolis proper.

Take the time to familiarize yourself with the process and deliver the proper notice so you can be up and running when the time comes