increase your limits every few months, this has the added benefit to reduce your utilization.  

So if I am successful in buying first thing that would happen would be to increase rents to current values.  

That's a rental rate increase for anyone's portfolio down there.

But everyone has differnt goals so to one person a 6 cap might look good because they're doing a value-add and want to increase IRR to 30% in a couple years and throw a couple hundred k at it. 

well this is pretty standard for todays day and age syndicated multi family deal.I think the only issue maybe the refi is not as appealing in a few years with higher rates.. however as stated pretty common set up and common terms. 

While researching it, the rent for the units have increased to $850.

By renovating the unoccupied unit I was able to increase the value of the property What was the outcome?

If it's already updated, there will probably be little opportunity to add value and the seller will be less likely to accept a lower price.That being said, when you're less than 1%, the numbers get increasingly difficult.

I see more people want a fixer so that they can make improvements to the place and increase equity, and then get stuck when they realize that they don’t have the cash resources to do the work.

City of Joliet still looking to vastly increase fees on landlords, possible license and fee for all landlords and inspections of all single family rental properties.