@Nate Julian -  If the rents are below market for their current condition regardless of any improvements needed...then by all means raise rent on the current month-to-month occupants. 

As a side benefit, you would improve your asset protection by taking the excess funds out of the LLC since they wouldn't be available to potential future creditors of the LLC.Regarding the application process, the brokers are subject to "know your customer" regulations so they will need to know identifying information for the human being that is authorized to make decisions on behalf of the entity.  

If its over 70% leveraged, can you refinance (BRRRR) with your improvements and higher ARV to get it to 70%?

Pros are they pretty much stay rented all the time and a lot of the renters are there for years.Cons are since there are so many quads in the bigger developments that you're competing with other landlords and they are all renting for about the same price so it's hard to make improvements and raise the rent.  

I hope you have room for value add improvements for down the road.Do you have room to increase rents?  

How do you guys track / categorize your expenses so when it comes time to sell, you can show the prospective buyer it costs X to keep the property up to par and y to improve it.

That will give you an idea of how to structure your offer so both sides win.If the problem is credit, find out if they are working in improving it and you can have a deal right there as long as they have some money to put up front and enough income to cover your rentals (which they have been paying anyways)As for the money up front, I'd ask them how much they want to put up front towards the purchase price.

Go buy another house, or make value-add improvements to the units you already own. 

Im not sure about other mortgage servicers however, most that I've read on their guidelines to remove PMI including from the mortgage company I work at currently are below (Fannie & Freddie conventional):- when you reach 80% of the ORIGINAL purchase value you can request to remove PMI however a  BPO (brokers price opinion aka cheap & dirty version of a regular appraisal)  will be needed to verify the property did not decrease in value- If you've done improvements (sounds like your story) you can request a BPO to verify your loan is at 80% of current market value (ARV) which can go from regular BPO price of 150-175 dollars up to regular appraisal if interiors need inspection as well (interior & exteriors = regular appraisal 450-550).- if the loan is atleast 2 years old (paid on time of course) and not more than 5 years old the borrower can request a BPO if the borrower believes the value has increased enough based on market value alone to remove MI but the requirement for this market value only increase is 75% LTV or lower based on the current BPO (so in essence you need 25% equity on current FMV - fair market value).- for the above 3 scenarios payments must be current with no 30 day lates in the past 12 months or 60 day lates in the past 24 months (on the current mortgage or "other," credit too)What is interesting is the above only applies to 1 unit properties because 2-4 unit properties its the same as the above except the requirement is 35% equity or 65% LTV (same).

The only other pertinent info i have from them is that the capital improvements are as follows:Six 3-bd units have gotten kitchen and bathroom updatesAll units have been repainted and floors refinishedNew boiler in 2005600 amp electric"Some" copper risers replaced in 2015New HW 97-gallon tank in 2014So what do you think?