Otherwise I would terminate (this is all dependent if the property is marketed as a duplex)

@Nick Maugeri It also depends on your level of risk tolerance for whether you want to leverage a property and if there are issues with the property that will not allow it to be financed initially.

The tricky part is separating out the smooth talking contractors (that suck) and the capable, dependable contractors. 

@Charlie Dagas, depending on how large your market is, there might be a wholesale brokerage/company that you could explore and join.

Personally, I feel sfh appreciate better than 2-4fam since their value is dependent on the rent. 

If so, then what I would do is- 1) You mentioned 'wooded' lot, so depending on how much wood we are referring to, I would seek and get bids for selling the wood (I dont imgaine it would be much if anything at all cosidering .34 acres) additionally, you don't want to get rid of every tree; 2) When you split, you can certainly put restrictions in the new deed, i.e. any future structure being build most be between 1,000-1,500 sq.ft., must be single-family use... etc., etc. 

@Nikki Nicole as with any city, it depends on the specific neighborhood.

It depends on how bad the termite damage is and the type of construction of the house.

Also, there are tons of facebook groups to check out, depending on what kind of investing you want to do.

Depending on where you are looking to buy location can help increase cash flow.