I think I found a pot of gold at the end of a rainbow

[Darren Marks]

Good morning! It's 9am here in Lawton, OK. 

I'll make the lead up short and sweet. I was driving through town looking for a house I found on zillow to flip. I passed by a house across the street from a church and had a strong urge to stop and talk to the contractor. This conversation has lead to my wife and I placing an offer, getting the house under contract, and then realizing that the two houses next to it are empty and the owners want to sell. The 4plex behind one of the houses is also open for sale as the owner has recently died and his wife doesn't want to manage it any longer. 

All of this is happening as we are 1 week away from completing our first cash out refi which would give us cash to do SOMETHING! 

The 4plex sits behind a house (both on the same property) and needs renovation too and I think I could get them all in one purchase. The house is rented currently, there is only 1 tenant in the 4plex. 

Our new primary residence is a house hack too. We're going to live in the 1/1 500 sqft mother in laws and airbnb the 2/2 1200 sqft main house. 

I really want to make good data driven decisions here and not let emotion and hope cloud my judgement. 

My questions are plenty, but I'll start with just a couple and hope this leads to some good conversation:

1. What are some points to really look at with the 4 plex? It needs work, 100%. So what should I focus most on? Roof and foundation, electric, plumbing...what are some other key things that can cost down the road?

2. I would like to give the current renter of the house the option to rent to own it. She wanted to do that with the previous owners but it doesn't sound like they ever made it that far in the process. Then the owner died. Her family has lived in the neighborhood forever (literally almost 30 years and 3 generations). What is the process to get her in a rent to own contract and is that the best way to go about it? 

I'm excited to be here in the Pro area! I signed up today as I was weighing some of these decisions and realized that I have help and I'm going to ask for it! 

I'd be open for a facetime call or phone call if anyone has extensive experience and doesn't mind sharing??

I look forward to the conversation, and thank you ahead of time!