If your greatest concern is a potential downturn, you've already performed the wisest hedge - buying properties in high-demand locations.  ...and if/when things go south, you have a few levers besides price to keep your properties performing:Providing quality finishes to set you units apart (which you may be doing already, based on your remodel comment).  

Let the PM help you decide if the rent it too low and let them put a quality lease in place.I've found rent to own properties in this price range don't typically work out since the tenant/buyer has too low of a credit score [I shoot for a 550 minimum] and/or doesn't have the additional down-payment needed.I'd suggest just having the PM bump up the rent as much as they can, get a signed lease and let it run as-is for as long as possible.I hope that helps.- it's always good to see another Hoosier utilizing this great site!

When I first started, I wish I knew to to screen tenant and creating a lease agreement. 

It is expensive to get work done (particularly if you have a screened pool cage).

As I'm targeting the short term tourists market, schools and other qualities that are important to local families looking for long term rental is of less importance to me. 

As long as the numbers work, you are confident in your design aesthetic and give the people quality work and what they want, I would say, go for it!!! 

It has some very stringent rules that must be adhered and it is more expensive than a straight exchange but it can be the answer to getting a quality property in a heated market.  

My properties that are in class A/B areas may not have great cash flow, but the quality of tenant is such that there is less management involved in addition to the properties being newer so less repairs.

@RANDALL RITTGERS Hey Randall, I have a couple contacts that I will share with you via PM.BUT, just as general commentary, we're all looking for reliable general contractors who can do quality work at investor-friendly prices.

just wondering about cash payments for renters. i heard about the way they can deliver the cash to the 711 etc. do you think thats an entry point for people doing illegal things to come to your building. although you should still screen tenants . is there anyway to track where the cash is coming from??