I would still focus on reconfiguring the building into 4 - 6 units, but I would finish them more upscale, attempting to keep/restore the period finishes and feel, while property insulating and air sealing the building envelope itself.  

The 1%ers  appreciate the mental obstacles insulating them from greater competition.  

The structure and flooring is solid but there are smatterings of asbestos pipe insulation and knob and tube remnants in the basement. 

New rehab with updated insulation?

Does that mean insulation needs to be replaced?

In many cases, putting the loan through an LLC is another layer of insulation for the lender that the loan is not intended for a primary residence.

Here are the numbers/info below:Property Address Osprey Dr:ARV $250k-$260kAsking $215kTenant in good standing; lease expires in 14 months; monthly rent $1195 (can increase to $1400 after lease expires)$4,000 earnest depositNeed to close by 3/31/2018 to do a 1031 exchangeRefrigerator was purchase new in July 2017; there is an extra A/C unit that was brought from another rental; recently replaced furnace, roof, gas cooktop, oven, disposal, all bath vanity lights, extra insulation blown in attic, and the water heater was changedMichael Askew II

And, I can invest on my couch in my pajamas.We will see if it works out...just trying to maximize and insulate the return on my personal capital and work within the current market conditions.

We proceeded to put tons of money into the place (roof, siding, insulation, bathroom rehab, upstairs tear down to the studs and rehab, etc.  

Home could have floors replaced downstairs, upstairs already done, paint, some drywall and insulation replaced in the garage and landscaping but still in good shape, house is fairly new, built in 2007.