I passed on a triplex several weeks ago because I was trying to twist the numbers to make it work.

I agree with above with a small twist.

Any way you twist it you'll make some cash from this deal.I would fix it up then do a cash out refinance ( Tax free money ) then set up owner financing or a lease to own type deal. 

Obviously it's the twists and turns with permits etc etc rather than the actual materials/building portion.

I'm a visual kind of guy so here's how I see it in my head (I'm not an accountant so if any pros read this please be gentle): Gross Income ( including parking, storage...)

Dont remember the rise allowed but it is VERY gentle and takes a very long ramp for like 3 steps.

Ah, I see how she is trying to twist this around on you since you asked her to move her car.  

The more I think through this scenario, the more I'm leaning towards holding  onto cash and just building a bigger position until I have $100K in cash and can *safely* purchase another without the gentle breeze knocking over my house of cards.

Nothing in this business happens quick enough to be an exciting TV show full of dramatic twists and turns that lead to a sudden Champagne cheers showered by a buttload of money. 

@Corey Hawkinson I understand that, I imagine my plan will most likely take some twists and turns as well.