I have heard and learned that getting and retaining the license can be quite costly but there are also benefits.

@Damien CobbsThe Wall St firms do not offer "self-directed" Solo 401(k) plans with the capacity to invest in non-traditional assets such as real estate.  

Preference: If you own, you can paint the walls whatever color you want, change the carpet, renovate to your hearts desire.

It has to be in liveable condition but I don't mind putting new paint on the walls.

Any division between the two units needs to be fire rated, this will likely cause you to remove drywall on the walls separating the units.  

If you wanted to do a wrap, you'd need an attorney that can utilize the power of a Texas Land Trust, structure the contract to handle the assignment of the deed of trust, and have the exact correct terminology in the contract and on the land trust to ensure the first mortgage holder retains the proper role in the transaction to prevent the "Due on Sale" clause of their mortgage from being triggered.  

I was thinking about marketing to a smoker so I wont have to tear the place down and start over with new flooring and walls.

Reed's page.http://www.johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/61651011-john-t-reeds-analysis-of-robert-t-kiyosakis-book-rich-dad-poor-dad-part-1Well, this review may be a little harsh, but it's done with good intentions.Best wishes, FOther BooksThe Elements of Investing: Easy Lessons for Every InvestorA Random Walk Down Wall Street: The Time-Tested Strategy for Successful InvestingThe Bogleheads' Guide to InvestingThe Bogleheads' Guide to RetirementThe Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns by Jack C.

Did you put in the brick walls after the fact, or did you just work with what was already there?

My background includes extensive experience on Wall Street in mortgage investment analytics.