With your experience, it could open doors to more local opportunities, so balancing saving for that while looking for the right investment is key.If you need help with financing or further strategy, feel free to reach out!

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Before taking this on I’d verify with the historical society and building department what process you need to go through to renovate and if there are any requirements on what you’re allowed to do or not do. 

If not, I suggest waiting until you do.If you use up all of your equity on your current home, rent it, and then need a new roof or boiler, your attempt at your first door will go sour.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Even if he won't sign a new lease, I would simply post this on his door advising him of the new rental rate, take a picture of it, and save it for possible future need if you have to file for eviction. 

You will need a minimum of a 3/4 ton truck to pull them , I would get a dump trailer dual axel  12,000 lb capable of moving the equipment , also used for hauling . you will need DOT numbers on the truck since you are over 10,000 lbs combined gross vehicle weight , and a DOT physical for the driver .

If you have that much equity, perhaps a $1.5-$2M would make sense, but I assume that would be a larger property with more doors.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Put locks on each bedroom door so individual tenants have security of their personal belongings.You need a really good set of rules regarding shared common space, cleaning, kitchen use, bathroom use, etc.Be very clear about the rules up front, and selective about who you put in there.