There is a 22 unit Boutique hotel owned by a couple in a town of about 2500 people. 

It was a learning experience but I made it work in the end.Mine was a 5 unit commercial building that needed a gut renovation, similar to yours. 

To help expedite the rental unit approval/inspection, you can also talk with your local housing provider that runs the Sec 8 program what basic items they look for and make sure you have those covered. 

I own 2 STR units in condotel buildings in Waikiki, both are doing very well.

I have 2 10 Unit Multifamily buildings in Birmingham Al available for sale.

Additionally, it provides investors with the opportunity to add a unit on a property they already own, simplifying management since the new unit is in the same location.Finding a vacant lot is both expensive and difficult, so the ability to build, subdivide, and create new development opportunities can make financing easier.

The units are pretty much turnkey, but my analysis shows that the property will barely break even.

If I divide this bill by four units, each tenant would pay $46.03.

They aren't in a hurry and I've looked at similar units sold in this neighborhood and they're asking a very fair price.

Then sell the property and start doing fix and flip or fix and rent. ( I prefer to sell this property as it 100km away from my student rentals. ) Not sure if I should renovate the lower unit to sell.