For instance I will be heading up soon to change out a deck railing to an updated style.  

The goal is to live in one unit (3bd/1bth) and make updates while living in, and at the same time, rent out the bottom unit (3bd/1bth).

We have done a ton of yard work, new paint inside and out, refinished hardwoods, new windows, grounded all the electrical, new roof, remodeled both bathrooms and updated the kitchen.

Paint and updates here and there What was the outcome?

Good area, mainly needing cosmetic updates with good upside potential.

Another risk especially given as you say this home is in need of major work - the tenant could start filing complaints against the home's conditions as soon as it is sold -  which would put the brakes on any removal process AND force you to make updates to the home for their benefit, or force you to pay fines and pay their moving costs.   

Here is a link to help out with find information with the counties Master in Equities office, on the LP.https://www.charlestoncounty.o...This link may help with the due process of acquiring that property. https://www.charlestoncounty.o...Keep me updated on how it goes!

I updated my post to include the phrases "tax practice" and/or "CPA practice".

I am looking at a four-plex that is vacant but was recently updated, but don’t understand where the sellers numbers came from.

It was built as apartments at a campus bus stop but doesn't conform to the HUD's updated standards for Fair Housing Accessibility because all the doors to every bathroom are just 24" wide and cannot be made wider, so when they did their first major remodel, they sold all the units off as condos.