You can expense (preferred) some of the “repairs” you did.

I would do a cash-out refi as suggested by @Matthew Crivelli You should check with your local community banks as it sounds like you have a commercial property thus having an LLC is the preferred method of holding the property.

Also if they have income and just missed payments, then workouts are preferred right now. 

Using a private money loan at 10% interest is a great way to aquire a property as long as this loan is going to be short term loan, preferably 12 months or less.

Building anything in Fremont CA is currently a nightmare and every interaction with a city official is unpleasant to say the least!

Both leases are up for renewal early next year (no, that wasn't planned and isn't preferable) so I want to give them a heads up before the holidays that rent will be going up.

Some people prefer turn-key and thats fine. 

If you want I can reach out via Facebook or whatever preference you'd prefer.

@Zack FrancisI prefer buying cash flowing real estate on long term fixed debt and not having to bank on the rise in rent/appreciation to make the deal work.

(Not interested in Fanny/Freddy as I don’t currently have a KP/would not meet Net worth or Liquidity requirements, I have no track record, would prefer to have improvement funds included, and plan to stay under 1MM for first property.)