Also, does any owners of units simply go through and replace the anode, thermostat, and heating elements for less then $100 in materials and find that has proven to be a solution to get the units to last another 7 to 8 years?

The tenants are very laid back and I have ran these ideas of updates by them and they have no problem with it, especually considering they are paying for heat and this will deduct on their cost. 

As such I'd like to find someone knowledgeable that has experience either wholesaling or renting out properties with Section 8 or in low income areas.

Also you can buy the long lasting carpet and put it in the low traffic areas (I.e.

Yes, I always install it if it is missing or broken even though my property is in the low end range property.

I plan and hope to get a low down payment amount with a first time buyer FHA loan.

And all other low down payment options are off the table.

HI I purchased a home in a multi unit (R4), high density zone.I am currently renting the house cash flow is just $50 after mortgage payment.This house has a big workshop in the back with a high rise ceiling, brand new roof, electricity and water.It sets in a half an acre lot so I am able to rent the workshop and land for $700 a month Total cash flow on this property is $750 a monthI'd like to enclosed this workshop (it has 3 brick walls already built) and make it into a livable place.I can still rent the land and keep the cash flow at about the same amount ($700).However there's no sewer  at this house just 2 septic tanks attached to the main house.Workshop will need:windowsanother walldoorscooling and heating systemBathroom etc...I can build build more units attached to the current workshop since there's so much land to play with but i have no idea of the cost.I purchased this home for $150k in 2016I owe 143Klast month I paid for an appraisal and the current value is at $185(flooring was the only improvement at the house).Question is should I refinance and bring in sewer line, build more units or live it the way it is?

I would perhaps consider doing only one half and then living in the other and renovating as I go and do that out of pocket. thanks for the info about what rate you got, that solidifies my belief of getting a low 4% rate. 

Currently, the rental unit is empty so I just shut off the furnace and the water heater to conserve oil, and frankly because there's no need for hot water and heat (currently not freezing).