So I don't have a business model in which to provide you, but my two cents:1) Identify what your main bottle neck is in the process.

I've been interested in Zanesville for awhile, mainly because of the university and hospital that are located in a good part of town. 

So "running the numbers" for me looks like this:123 Main Street is a Triplex that pulls in $5,000 per month in total income.

Main thing now is to develop your rehab plan.

Mainly that ifyou will be limited to the amount of….Your purchase price + closing costs (costs when you purchased the home) OR....75% of the “After Repair Value”…WHICHEVER IS THE LOWER AMOUNT (super important)

For example University City could be a great opportunity to AirBnB with all of the attractions and Wash U nearby but they only allow it if it’s your primary residence.

We will totally rehab the interior of the lower level too and then stucco everything to make it look attractive. 

HOA is mainly guy from low level unit.

However, this home is in Berkeley and I am concerned about destroying historical elements and potential added structural engineering costs that could make the house attractive to a buyer in future years, along with the opportunity cost of construction now versus getting rental income from the house in the next few months. 

Thanks for the info @Ron S. and @Blair Poelman I was just wondering more from a buyers perspective, mainly on what you have pointed towards @Blair Poelman .