I had the chance to buy a 10 unit in a rapidly appreciating market about about 8 years ago and did not because I was worried about the possibility of a price drop. 

Raleigh is amazing and growing rapidly.

I grew up right outside of Cleveland and can let you know about the areas around there that are expanding rapidly fast that may be a great opportunity to get into.  

Local code and building costs are going to be a factor either way.What they need to determine when you add a "Story" to the house is if the foundation can support the extra weight.Here in New England, we have a lot of stone foundations and concern here is that they will shift under the weight, so the solution is to add pilings to support the house and assist the foundation.

Do you expect longer term tenants or rapid turnover?

My goal of July 15 is rapidly approaching! 

I remember back in march 2012 the supply of homes for sale dropped below 3500 homes for sale and that was the end of homes declining in value and started our rapid appreciation .

Do I ask the gentleman to use a licensed contractor, or can I just go tell him to kick rocks (does my agreement hold any weight on his end)?

Especially because the city of Charlotte is growing rapidly, and people need houses to stay in.

Now, I find my business is growing more rapidly than projected and I'm looking for ways to reduce my tax liability.