Just curious seems like simple math based on your opinions of current values in the B C class MF in the areas I have to assume these are..

Hey Cameron,Sorry for the delay,  in math terms 6% is 1.5 times 4%.However, for tax purposes it is not that simple, for your primary residence you get a lot of tax breaks such as not paying for schools, and an exemption of the first x $'s etc.  

You can usually find some events by doing a simple google search.

It might help you out if you're a hammer swinger type guy who can produce workmen like quality results versus homeowner DIY results.Someone who has been in this business for awhile , and brings a lot more knowledge , and contacts to the deal we'll have a lot better chance at performing a turn around on the property then to someone who is new and inexperienced. 

Any paper trails that should be in place or is it as simple as giving notice at the right time next year and not renewing the lease?

I really recommend keeping things simple at this point, grow your income, and grow your knowledge.

It's quite simple.

DIY Tips:https://www.youtube.com/watch?

I would not add much, a simple bedroom, bathroom, kitchen, and hvac.Another aspect of this deal is that the building is listed as a historic building and thus could qualify for some grants. 

A simple example is that they called to tell me the hose was left on in the pool.