martin... that an interesting strategy.Brian , you are doing hvac. that's a pretty straightforward line of work... 100 ft of duct work is this much. an 80% efficient furnace takes 2.45 hrs. you can't compare that to removing wallpaper or remodeling a bath.

Purchasing a 4/2 house for $45K with a 30 yr mortgage, added $12K in repairs, renting for $955/month.Purchasing a 3/2 home for $23K, added a new HVAC and duct work, and which rents for $750/month.Spending days mentally rehearsing my speech to ask for private money to fund the third deal only to have him say "yes" in under 30 seconds and on my terms.Being invited to be a part of the Atlanta Housing Authority's Landlord advisory committee, where I get to learn (for better or worse) the inner workings of the city's Section 8 program and hang out with investors way more experienced than me.     

Question about the air return: Should duct work always be used to make-up the air return from the homes interior wall to the gas furnace?

I recently did a huge rehab on a 1600 sf 3/2 SFR that was post and beam construction, which made it very difficult/cost prohibitive to run ductwork in an attractive manner.

For new builds with no ducts, I can see the heat pump being less expensive, but I still prefer forced air furnaces.If you already have the duct work for your current system, just replace the unit and use the same one.

The HVAC units I'm talking about are central air with ductwork and is only ONE piece inside each unit.

HVAC guy got half the ductwork in but needs the electrician to move a cable, etc etc etc.

I am thinking some reconfiguring of pipes for the boiler and some duct work and gas lines for furnace. 

It also looks like that wall floats, so you are probably going to have some stuff in the soffits above the cabinets - at a minimum, ductwork for the range hood (if it's not vented back to the room) and possibly electrical wiring.

The client has replaced several of the old uglies and the new units are quiet, perform well, and many tenants are pleased they're not living with "ancient" duct work.