I'm trying to figure out if it's feasible.I'd like to build a 4-6 unit building (assuming the city approves) each with 2 bed, 1 bathroom and small kitchens. 

I left out the important details about how much work the house needs: new windows, roof, no AC, not even a fume hood in the kitchen, sometimes mold issues in the basement, broken windows, landscaping. we basically self manage which is at times frustrating.

Doors, hardwood floors, titles, tools, windows, appliances, kitchen cabinets, counter tops, and much more.

Tile in bathroom, carpet in bedroom/living room, and laminate wood flooring in kitchens.

You're most likely responsible for the AC, water heater, and anything "inside the box" like plumbing, electrical, flooring, kitchens, and bathrooms.If you find a cash flowing condo, the only real concern in my opinion is shifting HOA management and fees.

I decided to replace instead of repair 2 sheets of drywall on the kitchen ceiling, had I to do over, I would have patched. 

Kitchen remodel with wood cabinets, granite, new dimming LED down-lighting, new breakfast island with glass doors, and new tile.New tile in two bedrooms and wood plank style tile in the family room.Fresh paint inside and out. 

Here are my numbers:113k purchase20k down15k in repairs (kitchen, 2 bathrooms, paint, flooring.

Sometimes the iPhone is the kitchen, sometimes in the study room and I have to travel through my house to find the freaking phone.

The kitchen is on the first floor, has to be completely remodeled as well.