I use to do all the deal hunting, research, swinging the hammer, screening tenants, property management, daily maintenance/inspections ect.

Definitely include property management fee (Around 10% for that size) in your operating expenses.

A large percentage of buildings that are not residential have flat roofs, especially when they get past a certain size it just gets impossible to have sloped roofs.

Hello All, I am in the process of screening a possible tenant for my property.

You are currently only making $416/month on the duplex so that should be taken into consideration on what size of loan you take out.If you take out a loan would the money be better spent on the addition, or would it be better spent on another property?

I can send you a Rec based on the size property

VCU and USC are similar size universities, so student rentals are a greater percentage of the market in Columbia vs Richmond.

In this scenario you would do your normal screening on the new applicant, and write an addendum to add them as an authorized occupant.If you feel comfortable releasing the tenant from the lease you can write a new lease with the new parties and transfer the deposit to that lease. 

I told him the size (1800 sf) and age of the house and he couldn't see electrical replacement costing more than $12k, plumbing $12k, HVAC $10k. 

I should mention at this point that I had screened the tenants and they had excellent credit scores and rental history with no criminal record.