No personal experience here but here's a helpful reference from someone who wrote a blog about different aspects of a 2 flat remodel in Chicago Scroll to "Two-flat journal 6: How to make an all-electric house" - - speaks a little about heat pumps and cost In the HVAC section.  

I do have a few other unique aspects of my situation, that I'll note below along with the property details.*  Property is owned in an LLC. 

I have several property proposals already, ready to present, my team and I will hand all aspects of the investment. we handle the acquisition, the renovation, and management.

Hahah most of the time if you ask "are you looking for someone local so that you can go knock on their door when things go wrong" it's a lighthearted way of saying in our technological age location probably isn't as important as the other aspects.

So from that aspect I'd say its a good learning experience, however, with regard to the specific situation of the current people living there thats a good discussion for a local realestate lawyer. 

Now that I’m in real estate more full time I use fewer aspects of my degree as it has grown outdated 25 years later.

Basically most aspects of real estate syndications have taken their licks over the past few years.

If you start one, you are no longer a landlord but also have to work on all aspects of running a business! 

Property managers can handle tenant screening, lease agreements, rent collection, and even routine maintenance with a network of reliable contractors, which could save you the headache of finding a trustworthy handyman remotely.That said, if you feel confident in your ability to manage these aspects remotely and have reliable contacts in place, you might be able to save money by doing it yourself.

more info: At this point I'm satisfied with all other aspects of the application and credit/background check came back clean and excellent.