So i know the neighborhood is solid but perhaps this place is a teardown and I am biting off more than I can chew trying to gut it for only $150 - 180k.I have attached pictures!

He let the grass grow to high, his dogs chewed the baseboards and dug in the yard, He put a whole in the garage drywall with a barbell, and the fence is busted in multiple places.

Will certainly chew on that.

Have done it before and they tore everything up - repeatedly dug holes, chewed sprinkler heads clean off, chewed all the wires in the sprinkler valves, chewed the bottom of a door off (still baffled by that one), chewed fence boards off (multiple times), etc. 

Your estimate of $1k/net a month will quickly be chewed away by other expenses.

You're real estate commission, escrow costs, holding costs (debt service, taxes, insurance utilites) while you are fixing it up and getting it sold will more that chew up any little margin in it.

Airports are a bit pricy and require probably about 800,000 government permits, so you might be trying to bite off more than you can chew. 

I used to be in the book business and the independents just sat back for years and fought technology as a group while B Dalton/Barnes and Noble etc.etc. chewed them up.

I have several friends who bit off more than they could chew.

Perhaps in your situation and your area where you will be investing, you will have a different thought on th matter.The multi unit WILL get you into the RE investing biz and give you some initial and needed experience without biting off more thna you can chew.