Interested in multi-unit properties with instant cashflow.

ONLY look where the best schools  are, in the best neighborhoods you can afford.The neighborhood and  house should have instant curb appeal, sit 'at or above' street level, yard for the kids to play in.

If there is you could get it permitted and add value instantly. 

Synchronization is instant.  

I've been getting some quotes for insurance and the premiums are very high.Quote 1 - Vacant Dwelling Policy from Evanston Insurance Company. $1200 for 3 month term                $160K Property Value (incl. improvements), $300K LimitQuote 2 - Builders Renovation Policy from Lloyd's of London. $917 for 3 month term                $80K - Property, $300K Liability, $1K deductibleBoth seem very high and I can't even use quote 2 because I am not using a licensed GC.

It's a single family dwelling and the rent should cover all of my expenses.

@Michael Lang,For next few years, dwell outside your comfort zone.

You could flips homes now to create more instant capital for buy and holds later.  

Basically we are wanting to take an old building and convert it to a few apartments or townhouse/condos or even to start small and just convert to a single dwelling.  

@David Torres nails it... as soon as somebody walks down the hallway and sees that bathroom, they will (fine.. may*) be instantly turned off, and think in their heads they have to gut the entire thing.