The dilemma i face now is that I can’t decide if it makes more sense to embrace the c class identity this property gives the impression of, or put a lot more into the renovation, get better quality tenants and convert it to the B class property that the building (and the area) should/could be.

You made a decision that you won't regret especially being aware of embracing the process and challenges to come.

We embrace these challenges and are ready for the hardwork! 

I reckon that a property that grosses $2,550/m, when its mortgage is only $385/m, SHOULD be making a much healthier cash flow than just $75/m!

Sure, I miss Genesee Beer, the Distillery, Sticky Lips, Amerks games and all the people walking in Brighton on the Sabbath, but juice is worth the squeeze regarding moving from Roch to Raleigh.A few pros:  (1)  Lower State Income taxes, (2)  Healthier and more diverse job opportunities (higher pay and opportunities for advancement as a whole), (3)  BBQ - I won't step foot in my favorite BBQ joint the Dinosaur in Rochester since that Commie George Soros purchased a stake. 

The more mistakes we make as we go the more we adjust and decide to have healthier reserves or what ever system in place because we do not want to be bitten again.

Here are my 21 tips for starting out:#1 – Learn From Others#2 – Plan to Market#3 – Know Your Type (Performing, Non Performing, Re performing, Investor Notes, Seller Financed, etc)#4 – First Refer A Deal#5 – Discover The Why Behind the Note Sale#6 – Get To ‘Know’ The Payer#7 – Verify Everything#8 – Embrace The Boring (Due Diligence Counts)#9 – Plan for The Worse#10 – Partials Are Your Friend#11 – Master The Time Value of Money#12 – Encourage Early Payoffs#13 – Originals Count (Get that original note and endorsements/allonges)#14 – Stay In Control#15 – Seek Professional Help#16 – Use Solid Servicing Procedures#17 – Understand When Laws Apply#18 – Get Self-Directed#19 – Spread The Risk#20 – Know When To Fold#21 – Be Creative If you PM me here on Bigger Pockets I can send you details on the individual tips. 

@David Begley , I think (just my two cents) that Texas has embraced the reality that lots of folks who are willing to work will not or may not be able to get licenses, and so for economic purposes (read as "building economy and revenue") has decided to keep it deregulated.

If your ready to change your trajectory by opening your arms and embracing a targeted mentorship/training/coaching program, then I'd strongly suggest it. 

Someone said it a LONG time ago, that "an ounce of prevention is worth more than a pound of cure" - yet as a society we have yet to embrace it.I won't dive too deeply into the fact that Big Pharm and the gov't would rather have you take a pill (with its 20 side effects) for pain instead of something like cannabis, and that's why it's still illegal.3.