The property is located somewhat close to train tracks but the tracks only serve as a temporary storage line for CSX and the neighbors rarely notice any noise disturbances.  

But I'm at the point where I'd like to borrow from private lenders but I want to make them an offer that is appealing for them and still feasible for me.

My expenses are the same because I'll have already commited the ~20k for condo application/survey/lawyer early on in the process. however, moving properties at that price point seems a bit more difficult in our market these days, which is why splitting the price into 2 units makes it more feasible. but...you never know....a 2 unit TIC up the street just came on the market at $6M!!!!

With the HUD Consultant's help, a feasibility study and preliminary cost estimate is use to produce the SOR [Specification of Repairs].

@ Nicole- Not sure about NY rules but most states have a 30 days to get your personal belongings and if they aren't retrieved then you can sell it, etc. for storage or whatever your accrued costs are for clean up, damages or anything needed from what was left behind.

What does everyone think about this in terms of feasibility?

Personally,I would be prepared in this situation with a rental moving truck from U-haul and an offer to take their crap to any new place they found to live or a storage unit rental in case they are going to be homeless till they get their act together.Pay for the first months rent on the storage unit and the truck.It is well worth the minor expenses compared to them destroying the interior of the home you were trying to save.I sure as hell wouldn't want to meet with them alone days later after kicking them to the curb with no place to go.That's a dangerous system they have there.

Just trying to figure out if this is even feasible!

Been looking at a few markets to determine feasibility, but it will primarily be used for corporate/relocation renting as opposed to strictly vacation.

The other option would be a Mini-Storage business, but, I balk at the thought of spending a million plus and having to manage it for the rest of my life.