Full renovation with new concrete driveway and new concrete walk out basement.

I used a faucet as an example because that is an item that normally breaks down first and often observe customers walking down the fixture aisle at HD or Lowes looking for the least expensive option, whereas purchasing inexpensive tile or other cosmetic items won't necessarily cause maintenance issues although I would argue will cost you revenue (more on this below). 

Walking back an agreement where you split the mortgage 50/50 and he pays utilities may be difficult and could stress the friendship. 

Avoid multi family properties in areas in Cov and Newport that you would not feel comfortable walking through at night, which is most everywhere there except up on the hills.

Not only do most investors spend too much time sitting behind a computer polishing off their fancy excel spreadsheets, they rarely walk properties.

I'm deliberating whether I should hire my neighbor (he just had leg surgery and walking with a cane) across the street to do construction because if the construction turns out bad, I strain the relationship with the neighbor across the street, and also whether I should hire my neighbor from another place who does the design because I kinda don't prefer he knows where I live (just because if the design turns out bad, I strain another relationship with him and exposes my address of where I live).

If the background check and credit check come back clean, then I approve the tenant and walk them through setting up online payments.

If the home sells for 1.2, that puts him below the 500k capital gains tax exclusion so he walks away with a nice profit and no tax.

Have someone watch the cross walk.Neighbors- They are all businesses and closed, or the Hotel folks will walk over.If it gets too big, rent out the grass area behind you across the street.As always check zoning and covenants.Over the top????

There is a high cost to renovating a non-restaurant space into a kitchen, especially if you need everything like grills, hood vents, walk-in coolers and grease traps in floors, not to mention the utilities to service all of the above.