Been doing my stuff for a long time and works with several real estate investors, including some from out of state.  

Also keep in mind I did not include any closing costs or payments and expenses you will have during the holding time while you rehab.  

The market dictates everything, including the rehab...but especially it decides, before you start lookingat properties, what market to invest in...or more important, which markets to NOT invest in.Once you find the right market(s), then you need to find the micromarkets within that market...and there are usually many.

Freddie:6 months of PITI for all investment properties, including subject.I do both.

What information should I include in my posts to make it easier to help answer my questions?

Those risks include higher tenant turnover, tenants can tear the property up which leads to higher maintenance and turnover costs, eviction costs, and more.  

"House Hacking" is another way to go for you and can include rehab money needed as long you are willing to live on premises for a year.  

In the event of divorce she would keep all of her property that was hers before marriage - including your house if you sell to her.

Are you including cleaning of common area, repairs, pest control, and landscaping under maintenance?

I see plenty of future growth in these parts, and am eager to buy an old 2-flat or 3-flat (what the rest of the country calls a 2 or 3-plex).Everywhere I go in this neighborhood I see new condos springing up like concrete weeds, including several gargantuan buildings by the California train stop in an area that's mostly SFRs and small multis.My question is this: Is the influx of new construction a great sign for the rising prospects of the neighborhood or is it just creating competition for older buildings and rents?