ANSWER
It's not uncommon for there to be pre-existing vacant units when we first close on a property. For example, suppose our new investment property is a 100-unit apartment with 10 vacant units. Those 10 units will be the first to be renovated. Then, the following month, there may be several more leases set to terminate. But before those tenants move out, we’ll show them the newly renovated units. Usually the renovated unit knocks their socks off, and they decide to sign a new lease. After they’ve moved into the renovated unit, we start renovating their previous unit that is now vacated.