Usually these homes have been worked on by folks that shouldn't be allowed to own any tools and are held together by duct tape and bubble gum.

I think some of the advice above is a bit premature.

A premature welcome to Denver!

In my view, a great many people quit prematurely and end up leaving a lot of money on the table.

If you were to take any money it would be a premature distribution subject to taxes and early withdrawal penalty if taken prior to age 59 ½. 8)

Although premature, I felt an S-Corp was going to be my ultimate goal.

Since  MFH is valued on rents it would seem that selling prematurely is a huge opportunity cost.It definitely seems like exchanging into some multi family before a crash just to preserve value is a good idea, but selling rapidly appreciation Seattle area real estate prematurely seems like a huge opportunity cost.

It's an accounting liability and gums up your books. 

In 2007, the SHTF, the hard money pool dried up and all that was left was credit driven hard money loan programs, (my credit got destroyed in 2005-2006 due to a high risk pregnancy and premature birth of my first boy- he's fine now.)So, I turned to online marketing, specializing in direct response copywriting and webmaster work, and I've done that ever since, but I have never stopped wanting to be investing in real estate again.

Fix the property, beyond duck-tape and bubble-gum "fixes", actually legitimate FIXES.