If new water lines and drains are in the budget, for example, it is best to do both units at once.

I suspect its because one bedroom is small, but to most students that didn't matter, as it is more than sufficient for a full size bed and a desk.

I am currently a 42.5% owner of a 3 bed 3 bath home in Santa Clarita, California (Inherited this property).

The individual line items I have mentioned will be more in line with my projections than your lender's estimates. 

., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

Now we are busy building our renovation plan and lining up contractors.

I thought about having a property management company manage the property but I do believe this is something I could do on my own and utilize on line screening services as well as checking local evictions public records. 

How many are bed's & baths the units?  

I spent a year in Boston, Somerville actually, within a block of the red line.

We have a tenant Lined up but looking at finding a home that meets their needs and our investment criteria.