Again, you’re only choosing the MTM for tenant friendly states where you did a bad job of screening and want to boot someone early even though they are still paying. 

The home needs some tlc from new flooring, half a roof, paint outside and some other cosmetics. 

The home needs some tlc from new flooring, half a roof, paint outside and some other cosmetics but could be a strong BRRRR investment.  

We lofted the ceilings and rebuilt the deck, new roof, skylights, electrical, plumbing, kitchens, baths.

Needs $27k of renovation work: electrical, plumbing, painting interiors & cabinets, fix external rails, add roof cap.

I don't need anybody to tell me how stupid I was, my own boot-prints are already embedded in my hind-side.But what I'd like to know from the community is this: what do you do with tenants who, for all intents and purposes, are perfectly happy with the dump being a dump?

Also keep in mind that combining your finances with you wife for a bigger multi-family using FHA or similar loans might end up better than 2 separate investments--1 roof and as much as 4 units.

No only will you be updating4 bathrooms (4 x $5k = $20k)  and 4 kitchens (4 x %10k = $40k), you likely will be updating electrical and water and HVAC, maybe the roof and floors too. 

How many tenants can you put under one roof?

It is meant to help connect local investors and offer boots on the ground to long distance investors.