I'm not talking about cosmetic fixes, I'm talking adding bedrooms within an existing floor plan, creating a second unit (like an ADU), etc.

----------------------------------------------------------------------------------------------------If I had to start all over again, I'd look to acquire a 2-4 unit property with an FHA low-down payment mortgage.

Of course, always check recent reviews.. they tell you more than a flashy website.Size Matters: I’d avoid both extremes... massive firms managing thousands of units and one-person operations juggling too much.

For example, I looked at one tri-plex that had recently been remodeled with two units being 2/2 @1000 sq feet renting for $2,000 per unit and the third being a 2/1 renting for $1750 asking price of $850K. 

We currently do manage several units to section 8 in Scranton and Wilkes-Barre. 

I know some landlord's show up with something for them to sign or fill out that they previously (on purpose) forgot to give them, but you could also just be upfront and say a visit is part of your screening process - you check the condition of the rooms to see how the unit is being taken care of.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

We didn't need to rehab except for a couple units when they became empty and we used cash flow (so no additional capital needed).The rents are now $10,700/mo and we are cash flowing well. 

Cashflow deals are limited to the C location 1-4 unit asset class.

The top unit and rest of the townhouse is completely unliveable without renovation, the only liveable spaces are the two studio apartments that the tenants live in.