Unless you've got all of your replacements lined up at one time I suspect you'll end up using individual loans for each replacement.It could certainly be worth exploring a lender that would write a portfolio loan and let you add properties as you go. 

Seller to carry $130,000Purchase Price $270,000Gross Rent $61,680Capital Investment needed - $80,000 to individually meter the un-occupied lots eventually.This can be done on at a rate of 1 lot metered for every 10 new tenets added month by month.Expenses (taxes maint, legal ) $12,682Total of 59 lots.

Seller to carry $130,000Purchase Price $270,000Gross Rent $61,680Capital Investment needed - $80,000 to individually meter the un-occupied lots eventually.This can be done on at a rate of 1 lot metered for every 10 new tenets added month by month.Expenses (taxes maint, legal ) $12,682Total of 59 lots.

You will find lots of like minded individuals that can help you out.Good Investing...

They are all on one lease however I have an addendum that specifies what portion of the rent is due by which individuals on the lease.  

Each individual needs to be considered individually as a whole person, not just numbers.Just because somebody has some number points in a system somewhere does not automatically make them a good tenant, and that is really the only criteria I can post in my ad.

Each month the tenants pay me their individual portion of the shared total.

I would join forces to attain things that are out of reach to me individually.  

Property is individually metered for gas and electric, and i would be paying water.

Some lenders I know will do for less but the goal would be for you to raise rents on non-performing units, which there probably is.You can also buy the portfolio, fix up individual buildings then sell off the ones you don't want.