The property is a 6-unit building in Los Angeles.Given the significant difference in current rents vs. market rates, I'm looking for advice on how to legally and ethically approach raising the rents to reflect market value, should I decide to move forward with the purchase.Some additional context: even if I were to negotiate a better (reasonable) price and were to successfully evict a tenant who is 5 months behind on their rent and charge the market rent for that unit I'd still be -$600/month. 

The last 3 properties I bought were actually in almost move in ready condition.

Id like to take it out but if I do they would have to move as they now use it daily to access the upstairs. 

While prices have definitely moved significantly higher in the last 5 years you can still be all-in (purchase + rehab) for $75k-$95k on a decent C/C+ rental that will appraise for $85k-$110k.It's a great market to BRRRR if you'r working with a team that understands what they're doing.

The method has many moving parts.

Fast forward to today, we have decided to scrap the idea and now want to sell the land.

I live in Miami so starting to invest in properties that are local will not be the best move.

New on here and looking forward to connecting with like-minded people!

Thought about life estate but really unclear if addressing rent rate or rate index or something is a move people do.

I look forward to becoming more involved within the forums, and meeting like minded people!