What do your future capex look like?

To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.

Income approach Also known as the rental income approach, this method estimates the market value by analyzing the property's anticipated future income and converting it to a present value estimate.

Having a vision for future projects like the ones you mentioned are great, but learning the ABCs of RE with a small investment (initial down payment - since you only need 3.5%-5% down on a primary) is the best way to sharpen your skills.

Analysis of current tenants and future potential tenant market.  4. 

That does not require employment or job seasoning instead it uses the rents to qualify and you can take out up to 80% LTV cash.Use the cash to put down on the next 1-2 or more properties as long as the other properties are debt servicing themselves it opens up more opportuities to buy more future assets and increase your passice income.  

Make sure the previous property management company did their job and communicated a change in management prior to you taking over--along with your contact information.If they have no done this, they should so the tenant doesn't feel like a scam may be going on.Just make sure they're away of where rent payments need to go and who they can contact in the future. 

You’d also make all future capital gains at least partially taxable instead of tax exempt by converting your primary to a rental.

So, my first caution is it would be healthy not to expect similar results on certain real property investments/deals in the current and near future cycles.That said, there are multiple considerations and clarity needed, before I would act on any investments with your equity.

Like any city, there is dilapidated housing stock in rough areas that can cost more to upgrade than they are worth.