The plumbing on the inside is going to basically all be new under the sinks, toilets pulled and re-gutted, the fence is now going to give the shop/studio it's own yard and parking spaces,  So the house can have their yard and the shop their own yard.  

I assume there will be an issue once appraisal comes out to apprais the property and see six units in the propertyI remember one thread where the building under question was an (unauthorized) 5-plex because of the later-added basement unit, and the FHA Loan was approved because the seller just put a covering over the furniture and disconnected the toilet (so that it only had 4 livable units).

Study up on what others are doing.Or if building issues cause stress, look at your turn around process to see if you can get the main wear points of the unit replaced or repaired BEFORE the tenant moves in (be it leaky faucets, toilet flappers, or sticky windows).

Doesn't know how to plunge toilet. etc... you just have to work through it.

I currently have a W-2 job, a few properties, and am finishing up a PhD, so I don't do enough real estate that I have to also consider the "If you're fixing a toilet, you can't be out finding your next property" factor.Anyhow, one thing I'm curious about is how do people value their time considering the future value of money.

I would tell the tenants that while you understand and appreciate that they may restrict the dog to the basement while they are out and that is probably a good practice if their toilet training is not complete.

Wood floors, plumbing (except toilets), kitchen counters, and kitchen appliances were not in yet.

Merry freakin' Christmas. 57 years old with a family to support, unemployment pays squat and only last for 6 mos.

One thing I have not seen mentioned is that you will be required to install water-saving devices on showerheads, replace toilets that flush efficiently, low flow faucets, which will be an upfront capital cost.

Just last month I had a slowly leaking toilet that rotted out the floor - $1,000 just like that!