Also, super interesting story about Costa Rica.

Keep the cost as low as possible whilst adding value.3) Or, as you stated go all in for $7,500…..Now, as plan is to hold and rent long term I would definitely first explore option (1) and if I don’t like it then I would stick for option (2) --- BUT I wouldn’t go for option (3).

Also, first thing you need to immediately do is file for a use permit for a two family dwelling, I’d suggest hiring an architect to do it as it’ll only cost a couple hundred bucks and you don’t need plans.The code also just changed requiring all rehabs in which you are not and owner occupant to have drawings in order to obtain permits, so you will need to have an architect involved

This will cost a lot less then rewiring.

For these reasons alone, I think property management is well worth its cost.  A

Every week or month a job drags on over schedule cost a lot...used to cost me $10-20k a month minimum. 

Making everyone calm down is the hard part, from making the tenant easy, and cost a lot before I got the cheque.

Due to it's location near the coast (about 45 minutes away) it requires hazard insurance so between that and the general liability insurance I was told we needed just to get the underwriting for the hazard insurance, the total insurance cost a month is $425.

It doesn't sound like a complicated contract you need and shouldn't cost a lot for the attorney.

Do you think the smarter thought at this point is to buy a home that needs no or minor cosmetic work (for the sake of saving on the home cost a little) just to purchase a primary residence.