We also noticed throughout the renovation that water was getting into the basement and we had to re-pour cement along the back side of the house and slop the grade away from the house this alone was an extra $3K expense.

My husband says he trusts me and supports me (knowing that I am the financially savvy one in the family), but he is a quite pessimistic given that he is a police officer and only sees the worst in people (think tenants pouring cement down the toilet, taking the water heater with them when they leave, or landlord/tenant eviction calls).

<shrug>I couldn't imagine being the manager of a 400-unit apartment complex and being worried about the overnight guests of each and every apartment. 

Our contractor said that he would pour concrete to fill up the cracks, which he did.

That's a lot to pay for a property that you definitely will need to pour additional capital into.

I would imagine that we would need to get an attorney of some sort involved, but what type, real estate? 

Then at that point, once I have income flowing in, find somewhere cheap to live and still continue to pour a great chunk of my income into real estate. 

A lot of helpful information is pouring in.

I would imagine 2-3 units could be built on the property depending on the specs and I would like to be able to start the build in the next year to two years. 

I have had a coach for some time now and I couldn’t imagine working without one.