If somebody wants to live in that immediate area, there are only so many choices. 

They say they are investor friendly but they are not and clearly they are not smart because they'd make a lot more $$ if they were. 

What was it that made it a non-economical choice?

So here is how I would set this up: Kitchen: Appliances - $6,000 Cabinets - $10,000Countertop - $70-110/sqftSink - $1,500Faucet - $500Cab pulls - $500 (or $6-10/pull) Install - $2,000Flooring: Floor product (unfinished): (expect to pay 4 - 10 dollars per board foot for anything quality) Floor finishing (sanding, coating etc) roughly $3/Sq ft (as long as you are using a standard coating (polyurethane) if you want to go higher end with an oil or stain expect this to jump to 4-5/sq ft Bathrooms:Demo: $/hour x expected hours Underlayment: Schulter Shower System (approx: 500/shower enclosure) Tile/grout/thinset: 6-10 sq/ftInstall: $3-6 sq/ft Lighting and Electric: (pricing includes installation)   Switches: approx $30/switch  (this assumes a mid range Leviton 3-way dimmer) Outlets: $10 (TR Leviton duplex, GFI where needed and duplex/USB combo in Kitchen Island and a few choice locations) Lighting:Surface mount approx $150/fixtureCan: approx. $250/fixture (assuming old work install by electrician)A little more on why I do it this way: Kitchen: You can figure out exactly how much your kitchen is going to cost before you start.

A smart investor buys NOI.  

I recommend you listen to all of the podcasts to start by learning and "getting smart" on the business. 

I do not have a home and I currently rent an apartment so it seems that my best choice would be do buy a multi-family unit.

Now, maybe the planning commissions haven gotten smart since the crash of '08 and stopped approving so much building but that housing glut had a sincere impact on the housing crash back then.  

I believe you are referring to Self Directed IRA's (SD IRA or SDIRA)....try to do a search on them on here or online and educate yourself on them.Other reading....http://www.biggerpockets.com/forums/51/topics/63454-list-of-self-directed-ira-companieshttp://www.biggerpockets.com/forums/51/topics/64530-best-self-directed-ira-trust-companies-http://www.biggerpockets.com/forums/51/topics/58063-who-is-your-self-directed-ira-custodian-of-choice-why-http://www.biggerpockets.com/blogs/3258-self-directed-retirement-plans

Hello to all you young ambitious smart investors,We have a 5 unit multi-use building in west Seattle we are thinking of selling.