I strongly recommend you include Property Management in your analysis. 

Regardless of where you stand, you decide where you want to go.Self discipline: Self discipline is a strong trait of nearly all successful people.

I strongly suggest you get an attorney.From my understanding of contract law, the lease should transfer to you, upon sale of the home.

You might want to decide if you will go with carpets or some other type of flooring and start learning about the different styles.

need track record  very strong balance sheet and lots of liquidity.you kind of have to work up to it.. unless you have millions in liquidity that your willing to pledge.too me this would be a project you would do once your a mature development company with many projects in the books.

I'm sorry to interject my opinion so strongly here.

Even then they may not be the color or style someone else wants. 

Real estate pricing has of course gone up everywhere in the last few years of course as interest rates stay low, the economy is strong, and investors join the game. 

Homes are selling for 10k-20k over asking , So if you dont have a strong buyer then your SOL. 

My building is 2 stories with 4 units spread horizontally, or sometimes called California style buildings.