It is in desperate need of a new roof, so my in-laws (who just sold their house to move in) wanted to just pay for a new one for 30,000 €  (we live in Hamburg, Germany).But what if we combined our capital for a down payment on a loan and rehabbed this house into a fully functioning modern triplex. 

I closed on it in January of this year and did some serious renovations to get it market competitive (not a rehab, but a lot of modernizing and cap ex). 

Homes with new furnishings, modern kitchens, themed kids bedrooms, and fun amenities like game rooms and movie theaters always rent the most with the highest nightly rates.

Most modern FHA 3.5% loans continue PMI even after you go below the 80% LTV which means that cost will continue or you will have to pay for another loan to get rid of it.You might want to also research which option has the most impact on your taxes as well. 

As for title searches, note that timing can depend on the state and how "modernized" the local municipality is.

Again as Adam said ideally now you would be modernizing by renovating one apartment at a time and increasing rent but you may not be ready.Rents are under market.. yes. 

Thanks Duplex units on the west side of Cleveland in high demand so long as you update them with modern fixtures.

I went with American Modern Insurance. 2700 is a lot better than 4500.

Older homes are being modernized and old industry is being knocked down for large high end apartments.

Adding a BR/BA and spending less or cosmetics or not adding the BR/BA and really modernize the interior could both drive up the appraised value of the home.