The amount of capital required from your savings to purchase multiple properties depends on the appreciation rates.

Everyone completes an application...don't you want to know who will be occupying your property? 

I have a rolodex of connections if you would like.Also you can use a combination of the websites belowrentometer.comzillow.com  (look for the ones with a lot of applications

Cash flow is crucial, especially if you depend on it for your monthly income.Selling the property for $170k, which is above its market value of $120k, might seem like a good deal initially.

depending on how backed up the county is it can e take a few months for court date. in essex county it took my mother in law about 8 months or so for the full process. she had an attorney, not sure if that sped anything up

Buildium and Rentprep will also need the video tour, and the home office ownership or lease info if you want to be able to run credit/background checks directly without having the applicant submit and then approve you to receive the data.

If you building 2 , again depending on your lot size and projected finishes. 

Now the decision between option 2 or 3 depends on a few variables.

That is often a matter of opinion and will depend on the attitude of your municipality.Most municipalities do not require neighborhood approval, but will offer the public opportunities to provide input which will be considered.

It's like the old sports car is better than pick-up truck - depends on what you want to do.