Thanks for the heads up.

I appreciate any thoughts, cautionary tales, or direction to head with calculations, etc. 

it seems like the NREIG is a little above my head, or should i give them a try?

utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshareAt an average of 77% occupancy for the area @3.7k a month, you would be cash flowing substantially of at least 20% coc Y1 (including the agents fee), y2 30+%This one below too seems to be an okay investment as well for LTR https://www.zillow.com/homedetails/109-Baity-Dr-Asheville-NC-28806/53166423_zpid/?

All they will be concerned about is if you qualify for the loan, can afford the payments and the property appraises.Jump in head first and go for it! 

Also, would do you know of any good resources, off the top of your head, where I can learn about it?

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.

@Hayden Wright higher cap rate is not always better, capture initial equity through value-add, reserves should be substantial and you will likely use them, if you buy off of a long-time owner be sure to budget for insurance and property taxes to be a lot more than they’ve been paying, buy in an area where rents and property values are going up (good market fundamentals like lots of jobs in diverse fields, affordability (wages can pay the rent), population growth, good schools, low crime etc.).

Now once we get in to the property we’re planning to do a substantial renovation in each unit.

If you flip a coin 1000 times, it's going to be heads about 50% of the time, and tails about 50% of the time.