It's likely a few will move and you can begin the upgrading effort.Good luck!

No deferred maintenance, but with some minor cosmetic upgrades (paint, hard wood, dishwasher installation) the unit would easily go for at least $195K or rent for $1500/mo.

It is not distressed but could use upgrading, I am not on the title but feel it would be best to buy the property myself vs selling to outside parties for future passive income.

Installed many upgrades during building process.

Every chance I get, I sell thats an upgrade.

Now, if you were to buy properties that appreciate, I have no qualm about selling that property and upgrading to a property with more units and a better ROI.Out-of state rentals are okay when you have a good management company, but it is fairly difficult to get a management company that is really good and there are hundreds of reasons they are not good.

Yeah I wasn't looking for a complete fixer upper my first time around, just planning to upgrade things here and there.

Flipping holds a lot of risk and really isn't that profitable for a lot of people unless everything goes perfectly, which it never does.Your wife has a lower risk tolerance so make sure to account for that when investing because you guys are a team and need to find middle ground.For your first deal buy a single family home or duplex that just needs some cosmetic upgrades like paint and flooring.

@Ronnie Hutchinson Big houses for rent, hard to fill if it isn’t surrounded by houses similar and there is a demand for those kind of properties in your area.When you go to smaller buildings or apartments sized units, you reach more people with a smaller budget.... with larger properties marketing and higher end finishes go a long way. 2 Duplex’s (4 doors) would cost you about the same as this home and you could cash flow and upgrade at much more effective rate.

If you haven't spoken to someone at the planning office, that's the best place to start. (2) It will be hard to estimate costs for construction until you understand what the change of use will trigger; here in Oakland/CA it triggers structural upgrades, fire upgrades, electrical, etc.