We help run the numbers, set up showings and video record them, and load up everything in a Google Drive folder.

Seems a bit high on the exp ratio near 43% but we do pay a premium for our solid cleaning lady, she also stocks supplies, runs errands and other duties for no "extra" charge.

I have run numbers for LTRs on a set of duplexes that seem to cash flow well.

And the vast majority of us are just looking stupidly at each other as others are still trying to huddle up and run screen plays. 

Is it worth it to go through the proper process with the city and run the risk of a huge expense to make this a 3rd unit? 

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

And DIY repairs are not recommended for other reasons: it will take you much longer to complete, depriving you of rental income, and you run a high risk of your wife becoming your ex-wife.Same risk exists if you push your wife into becoming a Realtor or some other real estate activity just for the sake of tax benefits.

I also recommend you start looking for a professional property manager, at least until you educate yourself enough to run this solo.

Keep in mind that some of these C class areas in Columbus your pro forma will look better but you should be running a higher expense ratio.