This angel investor doesnt ever want to step foot on the property doesnt want anything to do with it other than just a stable return on money. 

@Bob Bowling I feel we got off on the wrong foot.

Rank order your checklist, and your wife's and your child's.  

I suppose the short answer is contacting the local Planning and Zoning Commission to get an understanding on What mixed useage is allowed in the complex .What is your Cost Conversion per square foot if the town allows this to happen ?"

I always look up neighboring properties and get a price/sq foot of the house only (take appraised value - land and divide by sq feet). 

Others invest for appreciation but depending on the market it can be expensive to get your foot in the door.

However, some will charge by room, by square foot, etc.  

I want to get started on the right foot and not become another wannabe that quits after two months

This seems to me the best way to get my foot in the door and do some active learning, while still having the time to dedicate towards my job.  

Buy newer (late 1970s-early 1990s) with larger foot prints and fewer issues with infrastructure like electrical and plumping.