We purchased two properties in Upper Peninsula, MI that each need extensive work  - foundation to roof.This is a growing town with outdoor activity and climate migration its primary draw. 

Well Karma, my advice to folks is: Go residential and learn how to solve problems for sellers and buyers.There is a video on upper scale homes that have little equity herehttp://www.selectleasepurchasehomes.com/ Learn sub2, lease options and wraps for controlling or acquiring. or....

Maybe suggest felt pads for furniture legs to reduce noise from moving chairs or tables.

Fixer uppers it's a different story.

Contractor brought up the important point that just covering it up with cement board and trimming out remaining upper 2’ section means that condensation from cold weather outside that would naturally form on the inside of the covered up window section would just run down to the bottom ledge inside the covered up area, and even if the ledge is waterproofed, the water from condensation will just sit there for extended periods since there would be no airflow to dry it properly.

Use a "primary residence" renovation loan (Homestyle, 203K, ChoiceRenovation, VA or USDA) and buy a fixer upper.

But the gas and water need to stay in our name as landlords (per the water and gas companies), and we will bill those amounts back to the tenants.We have 1 single man who has 1 child who will live with him 1/2 time in the upper level, and we have 1 single woman who has 3 children who will live with her 1/2 time in the lower level.

But I feel like the extra leg work in being a landlord isn’t that bad because the process is pretty simple.

Thinking outside the box is how you get a leg up in this competitive multifamily market. 

A home boasting 4 bedrooms and 1 bathroom, ideally situated in the charming neighborhood of Upper Darby.