You could always house hack though and rent a room or two out after you finish remodeling, while you are still living there.

If you ever need help on the remodeling end of things feel free to reach out.

However, this property is located in the premier sought after school district.This subdivision is older (built 1962-65), some neighbors still own original homes while others have been remodelled and upgraded.

They have a proven track record of buying, remodeling, repositioning, and profiting from all sizes of apartment neighborhoodsSteve, founder of Goldman Partners Realty, is one of the top apartment brokers in the entire state.Additionally, several of our members own and/or manage 10-100 unit complexes and will gladly  share their experiences with you.Victor

I've also rehabbed and remodeled residential homes for others. 

My strategy would be buy, remodel, rent and hold rather than flip them - looking at the cash flow instead of depending on appreciation.It would be difficult to manage a purchase of a property from a broad and tenancy agreement, but even more difficult to manage a remodel!  

I am am a GC in Portland OR and do upscale remodeling as my day job.

If you want a tear down, that means demo all walls, if you remain 1-2 walls (maintain only the studs) that would classify as a remodel.

Within 9 months of ownership we have already replaced the roof, hot water heater, remodeled the entire living room due to a cockroach infestation inside of the walls.

I wouldn't take on a residential remodel for a customer anymore - it takes too much time to get all the details perfect and I usually have a couple residential remodels of my own going at any one time.