If you sell after a couple years, you've gained appreciation and still get to keep the profits tax free if you've lived there 2 out of the last 5 years. 2.

That permits you to easily transfer the bills if the unit becomes vacant and monitor that each tenant is actually paying the bills and keeping the property in working order so to speak.  

There is some institutional interest there as well, just something to keep in mind from a competitive standpoint.

Usually it just means a second means of egress, a heating/cooling source, a minimum ceiling height, and a closet.

Yes, you have more than one option: You could definitely look for private money, but if you are planning on keeping it as a STR, you might want to make them your partners in the deal.

However I am by no means a tax expert.

So while every market is different and $4500/mo in rent is nice, are you spending a lot of money to have a less valuable property, versus spending that same $400k (or less) to do a nice renovation and keep it single family home and sell it or rent it out as a nice single family? 

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

Nobody and I mean NOBODY get's admin access into any of our systems.

Keep up the good work in the Poconos Mike!