The mentioned potential fines and told us even if we did demo/replace ourselves then we'd still need a lead test at the end of the reno to get a lead cert and if we missed even one spot they'd need to abate and clean the whole house, leading us back to square one. 

I'm having trouble putting a conservative dollar amount on the cost per square foot to use in my calculations before making offers.

Yes, there plenty of risks, bur before you even look at the risk involved, you will need to see if your house is zoned for a business such as a day care.This could be a problem in of itself...Chris

If the units are the same bed/bath count and square footage they'll most likely rent for the same amount.

While I've been involved in multifamily buildings in the past, I'm new to the commercial office/retail space, but am currently looking to purchase a smaller 5-unit property in town.While it's currently fully occupied, I'm always thinking ahead.

I get pretty involved myself as I know no one is going to care as much about my properties as I do. 

Investing involves risks and rewards – and usually the higher the risk, the greater the potential for significant gains and losses of invested equity.

how many square feet are you heating with the $9000 ?

If I involved some of those other people's money, how do I even begin to structure a deal like that?

Now, where I come from, an agreement of sale is worthless unless there is no Earnest money deposit involved, is this my money I'm putting up?