Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

I now have a family including five kids at home so living in half a duplex is not practical. 

You may look for a "pre-fab" countertop supplier who sells half slabs (perfect for counters and already fabricated.Look on Pinterest for a little inspiration and start collecting ideas, then see the common look that you gravitate towards.If you'd like to hop on a call, I'd be happy to help with some pointers.

The building was completely transformed over the next year and a half including a new addition to How did you finance this deal?

The reports are 40 to 80 pages, half disclaimers.

I don't know about TX, but 9 years ago Milwaukee real estate cost exactly half of today. 

If you want to be competitive and the market is hot, your total earnest money (all in before closing) should be at least half of your downpayment.

For the extra nice touch, I usually get a pint of extra stain/paint- this allows me to blend in moldings and strips for those oddly shaped kitchens that are a half inch short here, half in tall there...

And not that I would use it, but I have yet to receive the $250,000/$500,000 pre-approval they promised for all in attendance.Glass half full, they did provide certain meals, a couple of cocktails and a guided bus tour of investment "opportunities", which they applied considerable pressure for offers on, one with a suggested "ARV" that was at least $100k above highly reliable AVM (automated valuation models) I have access to.Overall, I say stay away, unless their Funding Tour comes within driving distance and then only so you can see for yourself. 

My intent is to convert half of this space into a bedroom by adding drywall on two sides with a door.