You have to take into consideration the amount of repairs that will be needed, finding a reputable contractor, and keeping your fingers crossed that the house is not vandalized before you can get a tenant in the home, etc.   

We have a considerable stash of cash and will likely have high salaries to help us invest in a piece of property we would be proud to live in. 

I have a considerable amount of equity in my home and my best friend of 30+ years is interested in putting up a substantial amount of money to be a silent partner.

I imagine it would be a considerable challenge to compete for a desirable MF as an out-of-state investor, but nothing is impossible in our industry.

With power comes responsibility.Price is meaningful, but should be about 3rd or 4th on your list of considerations when evaluating plan providers.  

Try a couple small local banks and big banks and find someone you feel comfortable with and who has the best rate (take into consideration closing costs and other fees, not just APR.)

There may also be environmental overlay districts, historic districts, and other considerations to zoning that you have to be aware of, so I'd definitely start with the zoning regulations,  from the zoning/planning  department

Two means of egress/ceiling height/window height etc....should be correct.  

@Ethan Morgan Good way to have another possible income stream, just weigh the consideration of sustaining it and how much value you can truly get out of it.

Hey Jeremy,I grew up in Durham, live in Colorado and own a SFR in Natrona Heights.