You just have to be careful because some sales agents will just advise you to over improve the property because it makes their job easier.

Finding a good PM will cover your concerns on managing the rental from OOS and a good agent should be able to provide you with their network of deals, including on and off market opportunities. 

Given the location and how the town has been developing it seems like a good investment opportunity for rentals.

Right now, I'm drowning in much better opportunities and by the time I wrap those up, I'll be retiring on some riverfront property that I like. 

There are people who buy a longer term (12 months or more ) OPTION giving them a RIGHT to purchase a subject property, at a certain price, within a certain amount of time, and attempt to either sell the option for a higher price or close on a simultaneous purchase and sale to an end buyer paying a higher price.  

Once I was deployed on a submarine in the North Atlantic and they helped my wife with a 1031 exchange on the sale of a home and purchase of 2 other properties.

The other part sounds like it was a rehab and now held for sale, which does not qualify for 1031 Exchange treatment. 

If the extent of your real estate business is renting out your basement than no, a Wyoming trust is not necessary (in fact, a Wyoming trust is not necessary for 99.9% of real estate owners)....you were contacted by a fear mongering sales person, not someone I would consider to be offering credible services. 

For a 2 unit, an appraiser will rely on comparable sales, but an investor looking for cash-flow may care more about income.

Hello @Brendan JonesIt sounds like you have a great opportunity with your unique situation.