They have no idea how to manage their business which is why tenant turn over is so scarry.Reality is that turnovers are a inevitable part of the business and a quality PM can do it quickly and efficiently placing quality tenants.A good PM stays in contact with their landlords, keeps them updated regularly and manages the property as they would their own property.

If I make some improvements I could get $400 per month above mortgage and after I back out vacancy, management, and Cap-ex would it end up being worth keeping?

I have another multi with some flat roofing that continues to leak after repairs so need to strip & add elevation for efficient drainage probably $2k if we do it ourselves.The $25k price may be close to break even (ARV $110-120k) if the complete rehab goes way higher than the $70k & they ALWAYS do.

I like the process of finding a fixer upper and making it a nice house.Considered rental investments but right now to me and my wife - fixing and improving homes seems more exciting than managing a rental.

Cash out refi and heloc are not seeming options at this juncture since I just officially started my RE investing business, am self employed (debt/income ratio) and I'm working on improving my FICO scores. 

i would connect the two so that it turns on when the light is turned on, if separate chances are they are not using it.as far as the bedrooms, i don't know the construction out there, but i'm guessing the walls are not that well insulated and with the a/c inside and hot humid outside, that can cause this if not broken by a well insulated wall. this is a major health problem inside and needs to be addressed, see if there are any energy co. out there that will test the insulating value in the house where they install a fan at the door and check the house for leaks and insulation value.

I tend to acquire multifamily property in markets with a compelling growth story (of course the future is uncertain but it pays to begin in the right direction), improve the property to bump the income in the front side of the investment, then monitor for the optimal exit point.  

I am going to self manage & I have a couple other quick questions :I would like to set up for my tenants to only be able to pay their rent online, which website do you recommend for easy of use, efficiency for tax reporting & is the best for the cost of use? 

Scenario - Purchase a building for $70,000Initial improvements $25,000New value $145,000Refinance at 75% of $145,000 = $108,750 mortgageThe problem that I am running into is that I am showing an long term asset value of $70,000 + $25,000 = $95,000 but an offsetting long term liability value of $108,750.  

I'm not sure what capital improvements you can make for $8,400 a year.