There are so many little things about this that are not complicated, but so numerous its mind boggling.  

Other issues such as zoning can be more complicated as the town may not approve you changing the zoning from a 2 to 3 unit.

I googled reviews and came across this site and so glad that I did, thank you for all who shared their experience. 

There are tons of resources throughout the site that can help you.

I've had it listed for rent for a couple of days now on a few rental sites, social media, etc, but have yet to have anyone come and look at it or inquire about it.

This is way more complicated than a simple residential lease.

Rehab holdback of $42,500.Loan Term: 12-month interest-only balloon note.Payments: Interest-only monthly in arrears with balloon paymentat maturity.Interest Rate: 9.99% fixed interest rateCollateral: A first priority lien on Borrower’s fee simple interestin the Property and the improvements thereontogether with any personal property owned byBorrowers related to PropertyPrepayment Penalty: noneLoan Fees: The following fees shall be due: (1) 3.00 points, pluscustomary underwriting, processing, legal,administrative and site inspection fees to (**) at closingof the loan; (2) $50 application fee due upon signing ofthe term sheet.

SFRs in the suburbs are for growing families who want to be in certain school districts--these properties will have high property taxes and be at the more expensive end of the spectrum, but you can find fixer uppers and sell them at a good price after rehab if you are patient and look deep--try auction sites like Auction.com, Williams & Williams, Xome, Hubzu.

@Alexander Schwartz No reason to make it any more complicated than that.

This iss great site to learn and exchange ideas.