If you wait 6-12 months you could refi at the market value (ARV).

That said, if your lease has no mention of this then there is little recourse.

I think it's all about seeing what's happening in the 5-10 block vicinity of your property, and waiting for the trends to tell you what to do or not do to command more rent.

I am not sure if it makes sense to invest in a MFR now and get a solid PM and tenants, or to wait until we get back and invest.

My other concern is that I get a place fixed up, only to have to wait until spring to get it rented out, which leaves the property vacant and a target for vandalism or squatting.Apologies for any ignorant stereotyping of the Midwest.  

Sounds like you would want a 203k as mentioned above.The key here is they are on the same tax parcel Source: I did this exact thing (minus rehab) in may 

That said, like @Matt Motil mentioned there are a lot of dues and costs to hanging your license. 

Then, you can just call them, no waiting for a mailer to reach them and hoping they call you back.When cold calling absentee owners from driving for dollars, I think what you have so far is fine.

There is a few month lag due to billing lag, waiting to see if the spike is consistent, then raising rent, but it works out in the end and I like knowing that the bills are paid.  

If you drive through Nashville you will see there is still a TON of opportunity waiting but there is also a lot of competition.