Ultimately though you should plan on using any model at least 100x before you "master it".

- Should I source a consultant or some sort of assistance to devise a business plan?

Are you planning to invest locally in Rhode Island, or are you open to investing out-of-state?

Can't wait to see you grow.Are you planning to invest locally in New York, or are you open to invest out-of-state?  

I plan to self manage, but it's good knowing a middle tier management option between self managed and full property management - without a huge PITA factor :)

I suppose we could leave it as-is for the time being and not raise their rent by the $200 we had planned to until we could afford to repair it.

Thank you,StephanieHi Stephanie,I would highly suggest starting with a call to the Planning Department and let them outline what is feasible for the specific property and what steps you'd need to take to get it where you want to go.

Bean had a better comp plan. 

Plan to light rehab and raise rent if/when current tenants start leaving.

Multifamily investing can be a lucrative venture but requires careful planning and understanding of the real estate market.