In order to reduce unforeseen repair costs, do you recommend the investor perform cosmetic and light repairs on the property.? 

I training lease option assignments I ask unlicensed folks that aren't licensed to go knock on doors and say that if the agent with the listing agent doesn't perform to think of them, the Rei operator, that's itProcuring cause is an issue, so getting a release from the broker of the agent is important 

We unloaded an under-performing rental property in the summer of 2014 to one of these hedge funds.  

Maybe there's an opening for MFRs since SFR prices are consistently going up here(at least it seems to me) since there looks to be a low amount of inventory.  

Derek,I am a contractor and I have worked with a few investors consistently.

You won't be rich next month and it wont be easy but everything works if you stick with it long enough and are consistent.

Maybe there's an opening for MFRs since SFR prices are consistently going up here(at least it seems to me) since there looks to be a low amount of inventory.  

But the key is to managing it successfully and this is where most people lose their shirtLong story short, we slowly removing non performing tenant and move in good tenants.

During the feasibility period you will want to:1) Perform inspections of the property2) Get estoppel certificates from all the tenants3) Get all leases4) Get copies of all financial information, including copies of all expenses paid for at least the last year.5) Get rent roll6) Determine if a certificate of occupancy is required, and find out if the seller has one.Those are a few of the items you will want to see during the feasibility period.As far as the HVAC, if the unit was installed in the 80's, it's well past its useful life.

You might expect to drop $2000, 6 months and have to offer decent argument that a duplex rezone is consistent with the neighborhood plan or that there's a new community need to increase the density.  6,050 indicates it's a legal, non-conforming (undersized) lot - it still meets the minimum lot area for TU but do you have 50' of frontage?