This is in a small town that I own and operate other rentals.I am a bit nervous of the type of renters that are in these deferred maint properties currently but see big upside if properties are restored, Partialy because all are within 1/10mile and many property boundaries touching the community college. 

The project was a success, our General Contractor, Better Touch Home Improvement did an amazing job.

Bumping it up to a $1,550/month 2BR would bring in a total gross rent $203,664 over that same 10-year period, giving me $46k in additional rental income.Last thing I wanted to touch from your post is potentially adding a bathroom.  

I would suggest to get in touch with the landlord of a similar facility in your city and find if he had any challenges/issues with the institute who leased the property or if any from neighbors and how he handled them.

I invest exclusively overseas as I can get better returns than at home in the right places but I wouldn't touch Thailand with a 10-foot pole, unless it's for lifestyle.

Also is there a name for this program or do I just need to get in touch with a mortgage broker?

If it's only a year or two, we check it out first and see if a touch-up will do.  

I have extensive experience will NOT touch fire damaged props. the building department will be up your butt.

To get to $2M, you are going to have to stretch things if you don't want to touch the first two rentals. 

Purchase price: $45,000 Cash invested: $12,000 Sale price: $124,000 Old single family home I flipped with some structural repairs, sanding and refinishing original hardwoods, new kitchen, light bathroom update, paint inside and out, and other cosmetic touches