Soon realized that it wasn't what I wanted to do and we just had a talk about it and decided we were going to be self employed real estate investors.

I realize that the best way to find these exact numbers will be to talk to an agent, contractor or property manager but I am just starting with none of those connections and am simply in the learning phase at this moment and am hoping to get a better general idea for repair costs.  

We looked it over and realized there were 3 historical lots of record; it could be split into 3 total lots and we could sell two of them and keep the duplex.

And realize what you want to do, many others would and are looking at doing the same thing. 

I think when your cashflow comes out zero or positive, this isn't such a big issue because you realize that you would be living for free or getting paid to live there.

I realize a good CPA will help but was hoping someone with this type of structure would be willing to share their real world experience. 

Now a lot of buyers are realizing that this isn't going to be a short nor quick bounce, so they are starting to underwrite a bit more realistically, which is resulting in prices lower than sellers are willing to accept--meaning transaction velocity is reduced to nearly zero. 

There's always something going on at one of the properties and I've found this method helps me relax by acknowledging the issues and at the same time, realizing it's a blessing to even be in the position to have them.

One thing I have to come to realize quickly is that this is a very competitive market and it takes patience and creativity to find a deal. 

And from what I've heard, once the tenants actually realize that rent isnt forgiving or wave and that it is still due they end up paying.