Since the property seems to need work anyway getting lower rent without putting out the money for repairs doesn't seem that bad a deal.

I think I'm going to need some hard money.

To do this I am going to need to sell one of our rental houses in order to have cash for down payment. 

They are about 90% occupied.I was considering the following:Replacing all flooring with vinyl plank except for bedroom (add new carpet when needed)Painting all units 2 tone colorsReplace appliances with new appliances that come with 3-5 year warrantyChange p traps and plumbing under sinks (Noticing more leaks and stop ups)Change all filters (should be doing anyway I know) Resurfacing TubsI could increase rents on the property but I would only do so for my problem "late or non paying tenants" so the move would be a value add/bulletproof to reduce maintenance.Anyone have any other strategies or suggestions?

Well in order to do this you are going to need more capital like you said in #1.

I'm closing on a 4plex on Friday and would like to set a tone for the relationship with the new tenants.

We will be putting down 3.5%, so with that and closing costs we're going to need around $12,000.

Is there significant deferred maintenance that you're going to need to deal with?

Plus I'm thinking we are going to need a lot of general counsel as we work through our first flips.I spent a good deal of time trying to vet candidates on the internet, and came across a very interesting site, "lonestarlandlaw.com" where a lot of the basic stuff like contract reviews are done over email and/or phone calls.

Then you refinance into a conventional loan and pay off the HML.In any case, you're going to need some of your own cash.Do you have numbers on this property?