You can assume some level of turnover and use cash for keys to increase it, but then you can put renovated units on market at higher rates and drive value.You can't do that here.

Of course he will need them not to use any stairs for a week because you don't want them walking through a construction zone but it might be only a few days for a stairway and then most of the work is on your level.   

I understand the overall red tape challenges (starting to dig at the local and state levels to better understand the nuisance of the codes), my question really is modeling the cost model and projecting returns so I can develop investment material to find funding.  

I'm trying to find a good method for a quick, surface level assessment to determine if a property is worth further analyzing - One that is adjusted for the Dallas market. 

Having a banker in your court speaking to other banks and finding out what really is available- This has put our team at a whole new level reflected in amazing rates and huge savings.

House hacking - renting out a portion of your primary residence to cover part of, all, or more than your mortgage payment - is an excellent strategy for investors of all experience levels to reduce or even eliminate their housing expenses and begin to generate cash flow right where they live.

For those with significant experience doing this, am I better served using my benefits to get an MBA or to use them to take a myriad of courses at the undergrad level that could also help me, e.g. a few accounting courses, maybe some basic trades courses, marketing, etc. 

Thinking along those lines, head my advice to stay active, the advice and perspectives of others will greatly enhance your level of expertise and before you know it, you will be answering other members questions.

Split level, basements, converted garages are all ways to create more income and separation.

They need to be cautioned upfront that upper level units have an expectation of them being respectful of those below them.