If it is, why can't you buy similar properties that you are renting with the money you make.If you get $200,000 annually(split proceeds with the other owner), you should be able to buy almost any type of property.

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This risk is amplified the less money you have attached to the deal.

I do not have much money and I am looking for a deal.

Since you can't control the sale price, you basically have a $4k cushion to your reno costs, or otherwise you lose money compared to the as-is scenario.

Quote from @Basit Siddiqi: I personally would not buy real estate with a retirement account.There are just too many headaches that are not worth the potential increased return.Some headaches when it comes to investing in real estate with a retirement account1) LTV values are less and harder to find lenders.2) Potential to sell or partially distibute the property if you have to do a RMD(Required Minimum Distribution)3) If you run out of cash and have to make a major repair, you may be out of luck and have to sell.4) Having to potentially worry about UBTI(Unrelated Business Taxable Income)I would personally invest in stocks/bonds/notes with a retirement account.I buy deals with cash and use a ROTH SDIRA so there are no RMD's.I buy at huge discounts to retail.

But I strongly urge anyone to always get Aldermanic support before proceeding because it makes life--and the entire project / process--a whole lot easier. :)IN SUM: Based on what you've shared, it sounds like you won't need to rezone if you just want to build a duplex.

Instead of their cash sitting in a savings account, they decided it would be a better investment to earn 3% on their money instead of .03% in the bank.

all of the units were updated except one, which I did put alittle money into to bring it update to date with the others, so that would have helped the value a bit I would think almost a year later.