So it usually seems IMPOSSIBLE to find the time, energy or money to pursue it further, but we have both decided to dedicate ourselves towards the long-term goal of transitioning into successful, full-time investors.

Other fees may include appraisal, processing, application, etc - so it's good to know these details up front before you decide on a lender based on interest rate alone.Also, keep in mind if the lender is a Broker or Direct Lender (brokers bring deals to direct lenders and add their fee on top of what they would charge = more expensive for you).

I also can give you the name of an attorney in Florida if you decide to go that route.  

What you have to decide, is this  return worth it to you? 

If we decide to sell after a few years in the event that the landlord situation does not go well, I am apprehensive about the capital gains tax (since I am unlikely to want to do a 1031 conversion to another investment property). 

@Maria LunaThey type of loan you'll be looking at depends on the number of units you decide on.

If you're in one of the Zip Codes I think you are, the LAST thing you want is to advertise your house as empty.Whatever you decide, best of luck to you.

Ultimately, my wife and I decided to rent while relocating to the area and allow ourselves to become familiar with the market.

A few things to think about if you do decide to invest out of state:How involved in the process do you want to be?

The pictures didn't do the work justice, so in an attempt to better capture the renovation process we've decided to give video a whirl.