My landlord friend is a great mentor, he pushes me to get out of my comfort zone especially on these issues. 

I'm currently into a pair of single family homes on a single plot (zoned like a duplex) for an unholy $490k but the gross rents are going to be $3,400/month.  

A qualified real estate agent can help you understand the potential mistakes you could make, what red flags to look for (like that below-market listing), what fair market value is for homes in the area, and any oddities about the market.

Property has 3units 7bd 3ba Sqft 2352 build 1962 Style CCCustomer is willing to hold the note on the home with set amount she is older and don't count on living forever.2 units occupied total of 2870 in cash flow1st flr $1790mth  3bd 1 ba2nd flr vacant ($1700-$2000 potential) 3bd 1baStudio $1080mth 1bd 1baTaxes is $12321.27yroil 3 zone furnace City Water 2 Electric boxesLocated 45 Min from New York5 min from University and College3 Different Mountain Trials and Parks  Shopping District and Medical Centers What questions would you ask?

More red tape - bank by bank specific3.

I did more research and found it is a non conforming lot as far as zoning goes.

I prefer landlord friendly states which are usually red states.

The biggest downside of an actual 203k loan is the red tape.

And here you and your Red-Star THEIVES pander "boo-hoo" you have less so "gimmie gimmie gimmie"....... 

Of course he will need them not to use any stairs for a week because you don't want them walking through a construction zone but it might be only a few days for a stairway and then most of the work is on your level.