We also did light rehab to increase our rent and minimize vacancy.

Move was completely life-style based, and fortunately I was young enough where the down-side was minimal, and had all the up-side.

I'm only 25 with minimal capital but I know that real estate is the way to go for me.

Add on to that the extra unit with minimal expenses you’re in theory increasing the NOI by 50%. 2 units to 3 is a 50% increase, depending on size of units.

Luckily this is small like you suggested, so the impact would be minimal regardless.

Try to get them back to back to minimize the disruption to the current tenant and your travel time.

Hi @Rachael Greene - just based on the handful of 203k loans my clients have used, they can be tough ... your lender's experience in getting them done is going to play a huge roll in minimizing everybody's stress and frustration levels throughout the course of the transaction. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Indianapolis.

Purchase price: $57,000

Found an investor that wanted to offload some properties and the numbers one this duplex...

I lock the car and keep minimal cash.

It's a birds-eye view of asset protection for investors starting out and should give you an idea of where you want to be.When you are just starting out you have the benefit of not having a lot of exposure and minimal assets to risk, but on the flip side you can make some rookie mistakes because of inexperience (and often insurance will have exemptions built in to try avoid big payouts for your personal mistakes.)