A couple issues to also keep in mind: What is zoning like in your area, was the property legally converted to MFH or is that a headache to tackle after purchase?

Cozy now allows you to tackle expenses too I've seen.  

I'm in the same ship in a way with the renovation I'm tackling.

If you can tackle something that has significant renovation needs, and you have the know-how, time, financial wherewithal, and willingness to take it on and do it right, you can still find deals on the MLS in NH.Some people say that you can flip houses in as little as 5 hours per week from the comfort of your home and none of your own money.

Not only will you get competitive rates but you will learn their process of how they will tackle the job.

Next year we'll tackle the other half if it becomes vacant. 2-3 years down the road, we will replace the exterior cladding and add another 1" of polyisocyanurate hardboard insulation.Before we started, this building scored a 42 out of 100 - with 12 air changes per hour - in an energy efficiency audit.

I would be upset if the property didn't cash flow as well as it does ($390/month for a cash on cash return of about 21% AFTER the rehab).If I had subbed out the work, I would have spent approximately $14k additional (400 hours @ $35/hr; assuming some efficiency gains from subs who specialize).All in all, I gained valuable experience, showed my Realtor what I am willing to tackle, learned what I like to do vs hate doing, etc.

I feel comfortable tackling anything because of that house. 

I second @Brian Flack's suggestion to buildup the cashflow and use that to tackle the rehab.  

@ hit the fan hahaI have one great all round maintenance guy, if I could find another I would seriously consider putting both on payroll as I'm sure they could smash out a full blown rehab within 2 weeks.Besides them I do have a few decent contractors that I haven't fired yet hahaBetween the payroll guys and the contractors we could easily tackle 5+ full blown rehab deals per month.Thanks and have a great weekend.