Online platforms like Zillow, PropStream, and Auction.com are worth exploring, and don’t forget to check out local real estate groups for deals and partnerships.Since you’re in Racine, the Rental Property Association of Wisconsin and Milwaukee REIA are great resources for networking, finding contractors, and learning about funding opportunities.

The hilly terrain is a main reason for this and you can't really see that on a map so knowing the areas is key.We have old housing stock as well so big things like plumbing and electrical can vary cost wise if they have or haven't been updated.

You likely only made a down payment of 3-20% ....but you still get to write it off on the full value across 27.5 years.So 400k/27.5 = 14,000 ish a year of a write off where during the year you didn't need to incur an actual expense, no cash outflow. 

Otherwise, seems like a great passive investment with long-term upside! 

Renovation work throughout both apartments, gutted and refinished the basement as well as extensive work in the private backyard.

Once you are in the habit of not spending so much, with no debt in a few years, you will be able to save and invest like crazy!! 

It is exactly what it sounds like, buying a property that has an existing debt on it.

Even in a lower priced investment property, like a small SFR, what does the investor without a contingency fund do when say the ac or a furnace need replacement?  

And you can be a landlord that gets a very poor return because they haven't utilized their space well by changing the layout.

Imagine you only do 1/3rd as well as they did.