My question here is how would you guys approach raising the rents on these tenants by such a large margin? 

Newer replacement windows, new exterior doors (originally the building used hollow core interior doors with a screen door as the exterior).I approached the owner of next door sometime in 2019 to see if they would be interested in selling. 

Any suggestions are welcome but looking for direct lenders, as we've already been approached by some loan brokers. 

How do you approach someone who's living in a $1M house and driving his-and-hers $$$ cars and explain to him that the fact that his wife is endlessly determined to prove to her own mother that she could have more kids and turn them out better on Sunday by documenting it on Instagram is the main thing holding him back?

Do you recommend I stick to my cash purchase strategy or approach a hard money lender?

This really clarified on how to approach lease options! 

I think a strong argument can be made for both approaches.

The fact that your board of realtors recommends it, or that is how it is traditionally done there, does not make it the best way to approach it. 

Does anyone know if a mixed use 7 unit building would be appraised with the income approach or by sales comparison.

There are two methods of appraisals, Sales approach vs cost approach.