Your current single-family property has a $1,000 monthly out-of-pocket expense—consider selling and using a 1031 exchange to acquire a multifamily property with better cash flow.

The problem is that you don't get an opportunity to do an inspection before you buy.If you buy pre-sale from the owner, you have arrears to bring current, getting the owner to move after you have solved their problem and taken the pressure off, along with the previously listed concerns.

Quote from @Cody Ford: Im currently looking at a property that has tenants living in them.

In some cases, after crunching the numbers, the profit margin was so slim—or even negative—that I had to pass on some promising opportunities.Here’s my situation: I currently own two properties—a primary residence and a rental property—both of which have substantial equity.

There isn't enough information in here about the current state of the house to be able to advise you, but I would think #3 is a definite no as it seems unnecessary from a cost perspective although that market has scale to accept it.

The market is slow currently and you need to check flood zones and assess insurance costs when underwriting a deal.

Zillow says the estimated current rent is $940, which I think is low. 

Current comps rent for $2450+ and the mortgage + HOA is $2180. 

Currently there is that extremely thin, hard, cheap landlord carpeting (and also an area with cheap thin stick on hard tile squares). 

Good Morning,I am a former Claims Specialist with the Social Security Administration and currently unemployed homeowner who is looking for guidance on how to gain property management experience here in the Central Coast of California.My wife is the only one working at the moment, so times are tough to say the least.We're looking to rent out a portion of our home in order to save up enough money to purchase our second home (or multi-family unit), rent that out, and begin to expand our portfolio.