First, I recommend you understand the market.

I would recommend figuring out your specific goals firstly.

This specific deal was a close friend's apartment that he was renting.

Many older homes were built without closets.From appraisal today:"The Code refers to "habitable rooms" not bedroomsThe essence of the 2015 International Residential Code is that the code does not specifically use the term bedroom, but refers to all habit- able areas of a home.

I get the dreamers wanting to pay to get into development and I can see in some markets this would work were its not so intense to develop but in other markets ( and I am sure the Guru just takes your money and does not get into  market specifics) 99% of the folks buying this will never do  anything with it.. it takes decades to figure this out or U need to be with a BIG firm that has millions upon millions behind them..

An existing duplex provides immediate rental income and proven market comparables, reducing risk.

Have you explored any other markets? 

For example, do you have any specific skills around social media?

The strategy may change, but every market can work.

So you will need $500k marketing budget.3.