I love this idea, but would first talk with your ciry to determine the building regs.Have you done any comparison to see the cost difference than just building a typical multi-unit property with small units?

My credit union does 95%LTV with no closing costs and desktop appraisals.

Those factors don't even take into consideration the cost to prep a unit at turnover and possible placement fees paid to an agent to find a replacement tenant.

The water bills are a big cost to me.

One must accept the fact that there will be mistakes, there will be cost paid, but in the long run, as long as one doesn't quit, and try to improve on the process every day, one will get better. 

If you're going to flip, it could work, but you would need to analyze the properly for that approach -- which would included getting detailed and accurate estimate on repair costs. 

It also is worth approximately $140k more than my property is currently worth.My question: when evaluating renovations, is the math as simple as (Additional rent expected per month due to renovation * 12 months/yr)/total cost of renovation = ROI.

Age of construction may not be a huge issue if it has good bones and can benefit from a fairly cost efficient "In & Out" remodel.What is stopping you down payment?

If they were the right land/building ratio and made sense to do a cost seg/bonus depreciation, could I potentially offset my entire W2 salary?

Partner Driven financed the N Deerview Dr deal using its own capital, covering the $268,750 purchase price and $60,000 in renovation costs.