However, the biggest challenge is dealing with well and septic systems, which can cost $15K - $75K to fix.

Low demand / hard to rent properties do not meet my criteria or that of many other members. 

Since I am retired and have been able to par my normal taxable annual income down to a bare minimum it might be possible to use a small portion of the capital gains in future tax years at Zero tax rate or at least at a very desirable low rate.

Based on our understanding the SHA can cover that cost, and it'd be a benefit to the tenant since they've had issues covering utility costs in a timely manner in the past.Our questions:- Can anyone else that works with the SHA confirm they let roperty owners include a flat rate utility charge as being covered?

When you gut a space, costs spiral exponentially because you need to bring everything up to current code!

You may need permits for plumbing, electrical, and structural changes.A HELOC can be a flexible and cost-effective way to access funds for a down payment on another property. 

Better software will give you the option of charging the Tenant for those ACH fees, but I personally eat the cost of them.

As long as this 4plex would be in a high-cost area then conventional would still be a possibility for you. 

They are typically interested in a furnished bedroom, have the income stream to guarantee rent payments and are fairly low-maintenance. 

But if you buy a property low enough and value comes in high after the repairs, you could take out most of your money that you put down when you  refinance.