In my mind, the reason for doing this would be to have two engaged platforms versus one dominant one.

He seems reasonable in wanting a small 2 bedroom house.

The main house is original (this place was built in 1924, very cool) and we rent it for $1,650/month.

Hi @Chris EhrhartThere are two prices in a negotiation, one is the offer counting multiple factors, mainly Cap rate and visible repairs when is a investment property.The other one is when you do an inspection.You listed 5 items here so I'll comment on each one:- Electric panels, this is likely to be found during inspection.

No reason to spend countless hours beating your head against a wall. 

There’s a reason that big hedge funds still buy and hold houses.

I’m mainly focused on the ATL/GA region but am open to exploring other cities too.A little about why I'm here: I’m an engineer by day and a real estate enthusiast by night.

The cash flow from the properties I am looking @ are low..The buildings are all under performing on what they could potentially get for rent..I see a lot of room for growth and cash flow on these properties, especially with two major projects in the village getting ready to be completed -more jobs and more foot traffic to Main Street are on the way..Carbon copy of Hudson and early 2000’s... Advice, buying a building that wouldn’t maximize for 15 to 24 months ??

That being said rents have flattened mainly because of the supply of new construction in the area. 

Hi thereAccording to IRS guidelines, once a property is ready and available for rent, meaning after you completed the renovations. you would  be able to deduct expenses. snce this was your main home,  the tax accountant you will use will need to do a conversion from personal residence to a rental for depreciation purposes. the improvement you made, depending on what they are, may be added to your basishope this helps