If you plan on managing it yourself, you want to be close to monitor any improvements and get familiar and comfortable with the entire process.

With this house being bought in full the plan is to get a HELOC or HEL to purchase another property when finished.What made you interested in investing in this type of deal?

We just closed on a $550,000 home and plan on renting the duplex out.

Living on-site will have you being interrupted with door knocks on a regular basis.Now, if your PM is mediocre or worse, plan on doing a lot of learning or find a better one.   

In a competitive situation, this isn't always possible or the best recommendation, but in most circumstances you should try and plan for it.First step in due diligence - > PROBING QUESTIONS! 

The plan for that is either rent out my room or convert it to a sober living facility.

I’m also curious because I’m trying to plan out my purchase later this year, and exploring all options. 

Our area is not unique, this is a nationwide issue (opportunity) for accounting firms.In the end I think many would be well served to think of their CPA/EA as they do an attorney - while they can also help provide planning advice to better structure your tax life and save some money, a portion of the cost is just a cost of doing business - you are required to be compliant by the Feds / states / etc, and the CPA/EA is insurance to ensure you get it right and stay out of their way.

They can provide ideas of how to do things cheaper, re-use materials where appropriate, etc.Proper planning and foresight of a project.

While I can see how having some POH's isn't the end of the world, especially if you have a solid plan to transition to TOH's over time, for someone with no "experience" and not a ton of startup capital, my major concern is being able to get financing if I can't secure a seller carried note.