don't remember) of current tenants must agree to purchase their unit.2) The price will be high, because the landlord is going to factor in the costs of the condo-conversion (it will cost the landlord 100-300k for a smaller building).3) The landlord cannot vacate the building to convert to condos.

A couple of issues that I had not originally factored (shame on me) were: Sprinkler system requirements, upgrading water and sewer connections for much higher capacity, upgrading electric and gas (plus meters) for higher capacity.

Once down to studs - can GC take care of treatment and replacing of neccessary framing or do you need a mold specialist to come in and give "all clear" so to speak in order to resell house.We have read so many mixed messages about mold - obviously we know it is serious issue, but we also feel it is something people are overly scared of and super concerned because they are not going to gut their homes. 

$1500 over for the cabinet doors and $5500 over for the stain treatment!! 

What I still can't understand is: Was the wife being an ex-broker a factor in this equation?

That may be totally reasonable with updates but generally, the neighborhood and amount of square footage is going to be a huge factor in what you can get for it.

I am 25 and have been wanting to start investing in rental properties for awhile now...my issues holding me back is 2 very major factors, credit and money!!!!

Are you factoring in expense from the gross rents minus the payment?

I looked at a few properties in the past to do this and although they were okay deals the insurnace on the mortgage tended to really be a factor I didn't want to be stuck with for the life of the loan. 

I drive a lot of miles, so I also had to factor in a car that can handle the miles.