With goals of transitioning into a semi-investor/property manager role.

It also came with a semi-finished basement.I am now looking to refinance and I’m wondering whether to renovate the basement.

I certainly had my 6mo of living expenses rainy day fund that I took from, a little bit, and other semi-liquid sources I could use in the worst case, but I played it by ear and was able to take my time with many of the non-time-sensitive renovations.Because you're owner-occupying the property for at least one year, you can spread out many renovations such that it's a more constant trickle of cash required every few months or so.

A semi-rural small studio here just went for $820/month & I can't believe what some 3rd world equivalent apartments are renting for.Homes around us are selling quickly & junk foreclosed homes that we have been through are going for above asking ??? 

Last, get a trusted Real Estate Advisor who you can speak with over the phone or meet with in person on a semi regular basis. 

Also, I like joint ventures where I don't do any work (for the most part).For now, I'm semi retired and just dabble with a few houses a year.

first things first don't advertise on the internet your cash availability.. you will get hounded by wanna be's  scammers etc.I would go talk to your CPA to start.. unless you inherited the funds you obviously had the ability to make those funds.However here are some things you can ask your CPA about.1. private placement syndication  Very passive  MUST choose the right sponsors.2. step into the MF game and buy yourself and apartment complex3. hook up with a really good HML in your area and fund quality short term fix and flips  keeps you semi liquid.4.

Either large apartment buildings for millions and above in price or commercial retail properties.Multifamily out of state to get mostly passive you really need about a 6 million price point and above. 100 doors at 60k a door for a semi-good area.

(just a gut feeling, though - not based in data as I don't have comparable duplexes to reflect on).While the CoC is low, my thought is that it's rare to get a duplex in a solid neighborhood, so it might be worth it.Good point on Duplex #2 - The numbers looked great and property looks nicely updated (relative to the location), but being in a semi-sketchy area is why I haven't pursued.

I'm guessing you aren't talking to a real CPA but rather one of the retail tax preparation companies who do not have enough training to truly help you with any semi complicated return.