This was 2008 and the guy was convinced that Detroit was the place to invest with a HELOC from my personal home.Like others have said; go to the seminars if they're free to see if you can glean any information, but don't get suckered. 

Your PM and / or contractor should be your best bet. 

I bet you could double or triple your cashflow (assuming an 8 Cap) and your appreciation, depreciation, and mortgage payoff will also be much, much higher.

@Uma Bapat permit requirements are town/city specific so your best bet is to call the city.

It would be very expensive if you take over the property and more than 2 units are vacant or non preforming Even after adjusting your vacancy and adding it $3k per unit, I bet you will still have a good deal.

In those cases, my wife just listed their house on the MLS, but i bet we could have made a case for a sandwich lease to those who didn't need their payout right away. 

This all about what grade are you willing to bet on ,B ,C homes?

=PHaha nah, best bet is to work with a local Realtor.

I think the above would still be your best bet minus the house hacking - IE: find a place that is best set up to produce income, but also has substantial opportunity for improvement.Just my 2 cents.

A good bet is to visit your local banks and see what types of products they have.