It can be harder to manage over an hour and a half away and even with the lower rents it takes a while to find good tenants because people there just don't make as much--and we don't allow dogs, which many people in the country have. 

It includes a both a year-by-year mode (10 years); and a month-by-month mode (24 months) designed with re-habbers in mind.

Specific to the underlined portion below  "However, tenants who would otherwise have protected status may be evicted if the unit is the only rental unit owned by the landlord in the building"- how would this impact a duplex where the new owner moves into one unit and a protected tenant is in the other unit?

Unless you want to pay all cash, use leverage and a 20% down payment has you in the $250-300k ballpark.

@Khaled Helmi, the best advice I can give (although you may not like it- I know I didn't) is to get (or find one for bidding and vetting purposes) a set of plans you're happy with and a list of specs and bid it out to different builders/subcontractors.  

On the last one, there may be recourse if there was clear misrepresentation in writing, but that's a matter for attorneys.In reality, your only recourse may be a slam on turnkey-reviews.com and a learning experience.Definitely replace management with a trusted local.Good luck.

I figure doing both will give me options in 15 & 17 years when the kids head to college, depending on the state of the real estate market, stock market, interest rates. tax rates and a host of other considerations. 

You can learn a lot that way, and a path will open up for you to find your niche in your real estate market.

I have two jobs and a real estate license and I'm a single Mom.

Here are the details: - 4 bedroom, 2 bath about 1700 sqft, built in 1883- Neighborhood: C I think, close-in 45503 if your familiar with the area- Duplex upper unit and a lower unit, each 2br 1ba - Current rent 300 upper and 400 lower (which is up from 200 and 250 in 2014), neighboring duplex gets 600 for a 3 bedroom but it's nicer- Expenses (prop management, lawn, bills, taxes... ) in 2016 so far $2200 and in 2015 $3200- Profit from 2015 was about $500 (had the upper vacant for most of the year), profit this year should be about $1,600- Appraiser $50,000 Zillow $58,000 Trulia $37,000 Estate $16,000- Bought in the 80's for $15,000Thoughts?