The property is filled with "previous landlords have done the absolute bare minimum for many many many years" type of stuff, for example:Units 1 and 2 need to be gutted-new kitchens, bathrooms and layouts.There's no insulation in the attic.Electric/water are shared amongst all 4 units in a confusing hodgepodge of wires and pipes.Only 2 water heaters for all 4 units.Some units have gas stoves, some have electric-not sure how gas is split up currently.No central AC/heat.

It's pretty frickin' old, but that's another story.One of the units is a pretty bare-bones efficiency unit and I was thinking of knocking down a quick wall to combine it with another unit.

Before we finished we were able to refinance it so we had the funds, just barely. 

in my mind if your going to do real estate you need and should have the license ... its cost barely anything to keep it maybe 1 to 2k a year.. that's nothing money.. do that two years.. sit for your brokers test .. become your own broker then you only pay your mls and board dues if required... ..

Overall, you are considering a 4plex property for 240k, and rents are 610 monthly, you are barely at the 1% rule.

I'm not intimately familiar with the Bond for Title rules, but it sounds as if the buyer will receive beneficial ownership of the property at the time of sale, while you retain bare legal title.

The one picture tells me that (at least in this area of the home) that the framing is not plum and the ceiling is barely above the door jam.

You'd be barely breaking even for the year if you have an empty month in there somewhere.  

Also bare in mind that 98% of your success lies in proper tenant vetting....

@Kate Kratochvil  "Some of you seem to have made a lot of assumptions about me"The reason for that is because you have come on here asking a very involved in-depth question regarding providing financial advice with out providing any more than a bare bones background.If you asked the same question of a financial advisor you would need to fill out a detailed background sheet to allow him/her to be able to give sound advice based on your personal situation.