Determine cost to renovate. 

Option 2: Electrician recommended mini splits - said 2 units should do the trick and would cost around $6-$7k.Heating system 2 is forced hot air oil furnace specifically for the 3rd unit.

This would not cost anything BUT tenants may be able to argue over bill more and I know RUBS has sometimes been outlawed in certain jurisdictions so would be less future proof.

The overhead to start a company is low, but the cost to scale is high. 

Extra 4 months of carrying costs are up most of the margin.

My father is a contractor so we will be able to complete most of the work ourselves while keeping costs low and add equity.

This lesser-known strategy could help you save money and reduce your monthly payments without the hassle and cost of refinancing.

We abated the walls, and that added $10,000 to our costs.

Cash flow approximately 350 a month.Option 2: Use the cash to buy land to build a 6 bed 4 bath duplex, all in cost approximately 300k/330k. 

At this time I manage and renovate majority of all my units to keep cost low but most likely not the best use of my time although I'm skilled at it.