COVID related rental conundrum
I purchased a 4-plex in November of 2020. Class C property in a neighborhood that houses a lot of voucher holders and lower-income families. I inherited three tenants that were advertised as paying and up-to-date with rents. I employed a full-service property management company that has many section-8 rentals in its portfolio to help me navigate this.
Came to find that 2/3 of the inherited tenants were non-paying. The paying tenant left after a month (she was on a month-to-month lease). While receiving no rents, I rehabbed the vacant units (they needed many repairs to pass section-8 standards). Eventually, the 2 non-paying tenants left on their own accord (April/May of 2021). I then rehabbed those units. I've since had 2 new tenants move in, but one broke their lease (unlawful weapons), and the other is wanting to get out of her lease due to not feeling safe in the building (related to the aforementioned issue).
Admittedly, I could be leaning into my PM's more than I have. Other than doing the rehabs, I've let my property managers handle everything. The fact is, in nearly 10 full months of owning this property I've been sinking money non-stop into the mortgage, insurance, property management fee's, on-site washer/dryer (leased), etc and I can't see this turning around for another 2-3 months (at the earliest).
What should I be doing TODAY to get this property turned around?