You may want to convert to gas for heating the 2nd floor and upgrade the electric to accommodate baseboard heat on the first floor since I'm assuming you'll hold this property long term so you'll want to make heat the tenants responsibility.

@ Hai LocProperty will certainly appreciate enough once it converts for it to have over 20% equity.

The basement level had a 3/4 bath, a family room with big windows and sliders to a patio, and a laundry room that could easily have been converted to a kitchen.    

The problem is, our HELOC will obviously be gone when the deal goes through and this house is converted into an investment property.With this house and our new property under contract, we will be close to our max DTI. 

I am looking at a sale of two lots together in a residential area, walkable to a small university. One of the lots has a house which can be fixed for rental and the second lot is currently vacant. Seems like the vacan...

would converting an older home into a duplex be considered an upgrade then?

Next step, I convert them all over to your own lease.

Converted everything to electric heat and metered it out to the tenants.

I think it splits into two groups:Group 1) SFH, any property with a private driveway, that can not be convert to assigned space type of parking, thuy these properties can not do this.We can not tow based on late rent per say, that can not be the reason to "hold a car hostage".

Or should you just stay away or maybe look at converting to a different type of use for the land/building?