I decided not to buy too much since I’m married, otherwise I’d have to sleep with one eye open!

You also don't need to blow out the entire wall, a large archway can open up an area, sleeping area, sitting area, door into a bath and closet.You can get away with opening a kitchen with a small dinning room, an archway usually works there as well, if they kitchen is really small, get advice.Keeping with the style of a home is important to marketability, you don't want a Victorian with a Cali contemporary with white marble floors, you don't rehab to what your taste is as much as to the market and expectations for the type of property

Depending upon (a lot of) conditions, such as equity in your current home - you may want to take out a line of credit against it (while you live in it) to provide some buffer/sleep better at night $.   

Unless the cash-flow is fantastic I'm selling, taking my equity (Uncle Sam free), and sleeping good at night.

But, I might end up with sleep less nights during summer if there are tornadoes in OKC.d) Any suggestions on locations in USA, as to where can we buy a new construction or reasonably new homes ~300k and rent for ~1600(if tax is ~1%).

I would not disturb it very much unless I had a very high-paying job as well or have a lot of experience.Here are some pros and consThe suggestions are great and well put.

Most people that are active can analyze a 32 unit in their sleep.  

If for some reason someone complains or the EPA hears of this the fine is $20,000 for disturbing lead paint with out lead certification.

Plus, if you find a TRUE investor friendly Realtor, they probably already do this type of 'deal searching' on the regular for fun because they eat, sleep and breath this stuff! 

Your sleep, your sanity, your legal health and your pocketbook all probably benefitted if you had a good property management company.