Depending on your relationship with them, that might be feasible, but if you're just picking up someone you don't know personally, you could bring the productiveness of the investment down because you'll both occupy unit(s).Side jobs won't really do much until you are at that side job for a sufficient duration of time - it may be 2-years.

I have a good relationship established with the home-owner. 

(read: "incomplete application")  I think they did not act in good faith by springing this on you at the 11th hour, and my confidence in our business relationship would have waned.   

One problem you will run into if doing a $70K cosmetic renovation on a 5-plex in Old Louisville is that tenants who are attracted to the area and are willing to pay top dollar want the following:-Original historic charm (No covering up original wood floors, trim, etc)-Central heat and air (their own system, not shared)-Newer electric-Laundry and off-street parkingIf this happens to be the 5-plex on Ormsby, you may want to do some more digging on whether it is actually a 5-plex and if the basement unit can be legally used as an apartment or not. 

And congratulations on venturing out and starting your own management company.Typically, this will range based on several factors - a couple of which will be: 1) your vendor relationships and, 2) your property management software.

Not knowing you.. your just a bill to them when they finally do send you the rents,  they do not do much to build a relationship with you for your mutual growth.Not knowing your Tenant.  

My experience is that if you have 1st mortgages on the properties, lenders are more conservative with taking second position liens so it's better to work with a bank you have a relationship with. 

I've read many threads on the relationship part of this, more interested in logistics and planning.Thanks!

We come from a background with a whole host of skill sets and would like to build a relationship with other investors.Looking forward to speaking you. 

For the house you're looking at, you can ask a real estate agent to pull historical comps for each year and look at those to understand the true appreciation of the neighborhood/house.