Since I'll be living in one of the units, my personal preference is to find something on the newer side, which would likely mean higher rent/unit but I'm worried the higher price point would limit the tenant pool. 

What are they going to try to get away with when it comes to the expectations you set for a project?

Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.3.

It’s great for getting an idea of what similar properties are going for in your area.Zillow Rental Manager: Not only can you list and manage your rental property here, but it also offers rental price estimates based on local market data.AirDNA: While primarily focused on short-term rentals, AirDNA offers data that can help you set prices for medium-term rentals by providing insights into occupancy rates and revenue projections.PriceLabs: This dynamic pricing tool adjusts rental rates based on demand, seasonality, and local events.

Does someone have to physically change a setting on the unit?

Portfolio lenders usually have higher loan limit minimums  from my experience.

Yes I have dealt with similar situations and the lesson I have learned is to really limit my involvement.

In the first stage of this process, you must underwrite it to ascertain its highest and best use and financial performance.Conducting this analysis sets the stage for securing a purchase contract with terms and conditions aligned with the timing and budget of the planned project.

Also, the number of sellers willing to do that is extremely limited (according to the BP community) so I might get a 1-2 of those and then what.....

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..