It's not that uncommon for additional units not to be worth the cost to develop.

However, if it's a competitive offering, 12 hours wouldn't be out of the question.It's not uncommon that sellers ghost on some offers. 

I know this is not uncommon, but I dont want any potential return wiped out because of a major foundational issue in a few years.

Not uncommon.

Your thinking cap in on in the right direction.Your post is not uncommon and it shows your mindset and planning in getting up to speed initially and then using that platform to scan for opportunities.Lastly, seeing that we are local feel free to send me a PM and or call and I am happy to answer any other questions you may have.Good luck and best wishes in your transition to the REI world!

I was planning on converting that to a nice 1st floor master bedroom and office, which would make this an uncommon 7 beds and 3.5 baths and inground pool.

Not uncommon, but it seems like neither of you really have enough experience to go about it this way. 7% interest seems like a decent deal vs giving up 50% ownership.

I currently have over 50% equity. 2nd position products on investment properties are going to be 9%+ almost everywhere, and 10-12% isnt uncommon.

As the majority of real estate owners do not have audited statements for their holdings it is not uncommon to rely  on either management prepared operating statements or tax returns.

As such, it isn't uncommon for them to come with a lot of title issues.