indeed most homes nowadays have some work that is either not to code and/or was done without permit pulling.however, its one thing to finish an extra unused area for extended family or occasional lodgers to temporarily live in, but a whole other to create a dwelling unit intended for tenant income without even considering insurance, liabilty, ordinances... what is the ZONING of the property in question?

Nowadays, with the smart cans, the transfer is merely two phone calls - it can be done while you are on the phone with them. 

If there's a way to avoid an additional 10% tax (on top of the withdrawal penalty), it's fairly easy to make a transfer nowadays. 

Nowadays, I have the renter pay the fee, which is $35, and does include the credit eviction record. 

Jumping through a lot of hoops for the buyer's lender is a recipe for more hoops to be erected to jump through.

Nonetheless, my point is not to discourage you but if you willing to take the risk, you could probably get a pretty good deal on commercial real estate nowadays.

Anyone able to generate any sort of interest or leads from MySpace nowadays?

A yellow pad is best.Many brokers nowadays have the info you want already available.

A duplex nowadays, no.In NYC where it is impossible to cash flow nowadays, about 40 -50 years ago when my dad bought rentals, you can.

If you find one, let me know.As for bookkeeping, you could get by with a spreadsheet to start but Quickbooks Online is so cheap nowadays (Quickbooks Self Employed is $5/mo. for example) that I don't see why you would.