@Burke Ericson You are thinking about it correctly, but from an ease of management I think you should think long and hard about going from one building into 20 different buildings in different areas.I think you should sell and exchange into something different, but I would suggest doing that into a larger multifamily property in a market that you are comfortable with and not anything where you are taking a giant step down in property class wise.

We had a very productive meeting on Friday and have decided to move fast on this project:Some highlights of the discussion at this meeting which was also attended by our contractor Frank and Jeaun Walters who will be helping us with the funding.We will not be splitting the lot and the project will be the entire 5 acres of land.We will hire an architect to redo the layout and make it a true 4 bedroom house.We will also redesign the front of the house.We will also hire a lawyer to speak directly with the bank's lawyer to get the negotiations moving fast.The cost of this project will be about $600,000We will need to raise 15% or about $90,000, rest will be financed.We will get a rendering done of the finished house and put a giant board outside the property and start marketing the property as soon as we acquire the title.The construction will take about 120 days.The final product will have a "farm look" which is the latest trend in Central Ohio.We will need to replace the old siding.Build porches to enter the building.Construct an entrance feature off the main road.Install a 1,000 Ft driveway.The minimum sale price is expected to be $829,500 and the highest could be $1,009,000.

Consequently, there's a giant (new) renter populace annually showing up.

It also means I have a giant pile of money in a money market account (when you need it, you can't wait for a CD to mature) earning next to nothing.

Haha - love your idea about using a giant fan that could possibly blow out his his cigarette!

We also have a giant historic Hyde Park home (great historic part of Kansas City) on 3 lots under contract that we will turn into several separate apartments.

Baltimore doesn't have the giant incomes that DC has so it will develop more slowly. 

But I hope you have the ability to close those ASAP and not dick around with wholesaling them.

Learning how to screen tenants properly and figuring out how to accurately estimate rehab costs, while building your cash buyers list and developing new construction can take up a lot of bandwidth.If you already know how to screen tenants, have accurately estimated rehab costs several times and have a giant buyers list, it's easier to put it on autopilot.I see no reason why you can't do several at a time, but to start out learning how to do it all is a recipe for disaster.

Maybe a giant doormer on one side?