Do they reduce my role to crunching numbers, choosing designs, and hiring and communicating with the contractor and lender? 

Design a uniform Request For Quote (RFQ) worksheet so the contractors can compare apples to apples.   

Some ac handler units are Made to be installed horizontally, on their side, you can’t install one made to be vertical on its’s side.....the interior condensation pan/drain line configuration are designed differently.

Maybe you ought to spend more of your time on raising money legally and forming Partnerships that keeps you in control and buying apartment complexes.He ideally looks for a 6 to 8 cap rate. 

Check with the city if this is a legal 2 unit building.

Owner would therefore face a large capital gains penalty upon selling the asset.Would it be possible/legal to execute a master lease option with a buyout that is intended to outlive the seller such that they can have fixed income for the remainder of their life, and such that their children can receive stepped basis by inheriting the asset that is already under contract (which was obviously written to be binding upon successor's and heirs).

My wife and I currently own a home and are renting out a bedroom, however I’m planning my next move for buying our first investment property... while learning about the process, it seems there are a lot of areas that solid design could help with.

You should be learning the legal way to raise money and forming Partnerships and buying apartment complexes under your control. 

Legally the operating LLC is acting as the owners agent by making decisions on leasing, maintenance, repairs, etc.

Legal Fees $2400 Deposit Required for the mortgage - 20% - $35,000Right now rehab - 22,000Property improvements and correction of deferred maintenance over the next 2 years - additional $24,000 Mortgage payment - 871$ / monthWater - app $200/monthProperty Tax - app. $300/monthGrass/snow - quoted by a local company at $274/month (1800 for snow for the year, 1500 for grass for the year) Insurance - $140/month (got a great rate not cheap insurance) The heat source and hot water is natural gas, New furnaces and water heaters installed in 2015.