Thanks @Rajeev Kotyan and @Krystal Grubbs.I think based on your suggestions right thing to do is : Check local laws for rent increment restrictions.Sign new lease agreement.Give them 30 day notice for rent increment ( which I will do in fact I will give them 60 days notice).Rental market is good so it won't be hard to find new tenant but I want to be reasonable and even if I increase by 100 still it is 15% with current rate (zillow zestimate for rent is $900).thx/Rajeev KotyanRajeev Kotyan

I don't want to kill them but I want to incrementally get it to market rent.

Cheap costs, cheap land, high prices, rapid growth...

Last year we got a deduction of $900 based on maybe $10K in losses, but this year it's zero.So, I guess it's good news that the losses protect the rents from being viewed as incremental taxable income am I right on that?

The fact is that when you're leveraged at 100% on a property, your debt coverage ratios are moving down rapidly, such that non-periodic adverse events with the property can cause you to be digging deep into your pocket to stay afloat.

depending on how bad warps actually are, i would pour the footings let dry for 5-7 days and then slowly jack up the beam 1/4"increments. but remember if currently dont have damage on the upper floors, raising the beam could actually cause more damage, cracked plaster, doors start to stick etc. hope all this helps,Chris

Joe should go on an austerity plan, and combined with his decent engineering income, save funds as rapidly as possible.If he wants to rehab, he can use a professional hard money lender to fund his first deal.

There is not going to be any "pre-foreclosure" homes on the MLS in the sense of the foreclosure process is currently occurring.On the MLS in Grand Rapids (where I am), homes only pop-up onto the MLS once the bank officially owns them.If you are defining "pre-foreclosure" as short sales, then those will be on the MLS, but they'll be listed as a short sale.

Free up a good amount of low-interest cash (to put to use on incremental rental properties) AND lower the equity on your personal residence, thereby providing somewhat of a shield at the same time, correct?

However, in your original post this desire came out of a failure to stay on top of the rapidly growing landlord-tenant laws.