Again, if anyone would like to share specific examples from their own experiences (bonus if you want to lay out the actual math of your deals), I really appreciate it!

On our own projects, we always make our own assessments of rental rates, and there are numerous resources for this data once you know where to look.You need to determine the business plan, i.e. duplexes vs. larger project, then have an architect layout the design on your chosen path, then run a set of number (proforma) to determine feasibility.

For a little more detail...When I say the house is nicer than its surroundings, I mean that the bones, floorplan, and layout were all originally GREAT, but the cosmetics were in bad shape.

I'm hoping if I lay out the data, ya'll can tell me if I'm missing something or if this is solid! 

Thanks @Pedro Martins and @Dmitriy Fomichenko, I was afraid I knew my intuition was right on this one - thanks, I'll be sure to keep the SDIRA out of it.

My two oldest have 165 university credits between them and we have not paid a penny yet in tuition. 

Though this seems counter intuitive, interest rates do not really have an effect on residential property values. 

I haven't been able to come across the answers on the Intuit and IRS websites yet.Thanks,David

I'd like to lay out my plans/concerns and see if anyone has any feedback I ought to be considering.I'm 30 y/o, no debt and about $65,000 in savings (of which I'm comfortable putting about (55,000 into real estate at this point).  

I mean something intuitive, without having to do the whole calculation.Thanks.