Evict and Renovate or keep old tenants and get by?

[Sean McElligott]

Would you buy a house where you had to evict a tenant on day one, spend 20,000 on renovations in an effort to make a great return with current market rates? I would have to float the mortgage for 5 months plus renovations but the rents are way under market value. The reason I ask is because in "The Book on Rental Property Investing" by Brandon Turner he writes that it would be a disaster to have that scenario. Is that terrible to take such a loss up front knowing the rewards that lay ahead? Current rents is 925 a month and I can get it up to 2375 after the losses I describe above.