.: @Michael Tompkins get a HELOC I suppose a HELOC makes more sense than doing a cash out refinance since I would keep my current interest rate and wouldn't have to pay closing costs.

For example it might cost $3,000 to repaint an apartment and that is a charge for the landlord, but to repaint the wall after you left it with patches is about $200. 

Having to add it later would prove even more costly. 

I would also have a good appraiser to an ARV apprasial so you know the numbers all work  IE land costs and build cost and then there is significant equity still there. 

Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

You’re financially protected more with more units/doors.Of course more income.Cons of larger multi family are barriers of entry costs to acquire, operate, and experience.

IMHO I think the draw to the Poconos is it's proximity to two monster metropolitan markets and their middle and professional class who may prefer in many cases to tone it down from places like Miami, Hawaii, Vail, or Stowe, and instead have the luxury of a 1.5-2 hour car trip to somewhere where they will save on airfare, get a good deal on their accommodations, and still have loads of fun with their families without having to deal with exorbitant vacation costs and aggravating travel arrangements. 

If there is any value, it would simply reduce the cost.

Closing costs will be less with this route. 

Now a landlord (and architect), I wouldn't build out the space without the second stair since it really is a safety issue/liability (especially in case of a fire) if anything were to happen.Full excerpt of building code below:According to the Chicago building code on egress requirements, the third story above grade plane within a dwelling unit [which in this case is the duplex-up unit], all the following conditions must be met:1.) the building is equipped throughout with an automatic sprinkler system2.) the floor area of the story does not exceed 1600 sq ft3.) the dwelling unit has an exit that discharges directly to the exterior at the level of exit discharge.Your third story attic space is unlikely to exceed 1600 sq ft, but you'll probably find the sprinkler system to be cost-prohibitive.