We wanted to give ourselves enough time to properly plan so that we don't fail.

Wording your post properly can definitely change the image of what you're listing in the market place.

A few things we cannot believe: 1) That we are acquiring a duplex in Seattle proper for $220k.  

I upgrade to 200 amp, insulate, replace dated light and plumbing fixtures, replace the roof if necessary (or budget to replace it if it has a few more years on it--I just don't wait until it starts leaking), fix any drainage issues, replace windows (maybe 75% of the time), make sure doors/hardware work properly (I install hinge-stops and/or those round plastic bumpers that affix to the wall so I never have wall/door damage), limb up or remove trees, and of course give it a thorough cosmetic upgrade so it attracts good tenants.

If dealt properly, this could be a win-win situation for both tenant and owner.

Old quitclaim deeds piled on a contract forfeiture with 3 old land contracts not conveyed properly where one or more prior parties are now deceased.  

If your outlets are properly boxed I believe the type of wiring I have is acceptable, although not ideal. 

I don't know of any old house specific problems if it's installed properly. 

It just tends to be more, smaller units that will have more turnover but still great cash flow if managed properly. 

Obviously this assumes that there aren't major infrastructure items to be addressed (ie. functioning roof, furnace, hvac, electrical, plumbing etc), but the projects that come to mine for me are painting the interior, granite counters, flooring, and prefab bathroom vanities.Anyone have their list or case studies that they care to share?