That said I live in Birmingham and spend most of my time there so I think that is the best place to get started, but I would like to invest in some Huntsville Real Estate at some point.

If you plan on holding this property for less than 5 years, be aware of the Pre-payment penalties.

It is actually currently a rental property (purchased in 2017), I am planning to move into it for 2 years as our primary residence, make some improvements and then convert it into a short term rental. 

Hello All, I am not sure if there is a rule of thumb to how much a design should cost but I received an estimate of $23K for Civil engineering work (site plan, storm drainage plan, site grading, soil erosion & utility plan), $25k for  Architectural and structural and $11K for MEP for 12 units townhouse (2 bed and 2.5 bath) on a slab. 

If it's steady, your job is to make it more steady by spending to do the repairs and upgrades early, not late, and then capitalizing long-term on that in rent.

I have also aquired vacant lots that I plan on building duplexes on...

We plan to try it as a short term rental after the builder is out. 

The steps are basically the same, but it takes that little extra effort and planning to make it happen.

Quote from @Jesse Turner: From what I've seen and heard, construction on the USVIs is very expensive because materials must be shipped in and there is a dearth of labor.I plan on inflating my expense side of the analysis significantly to make up for the expected increase in material costs. 

It is foolish to spend all your money on the investment.