I also work full time for a construction company as a project manager remodeling in the hospitality industry all over the country.  

You reffectively having a tenant help you pay down the mortgage.You may want the seller to vacate the units if you plan to live in one and remodel the other.

Lived in for 7 years slowly remodeling it on the side.

If the vacant unit is remodeled, then I don't actually know what the occupied unit looks like/what condition it is in.To me, at a minimum if I can't see the unit, I should at least be able to see pictures for both units.

And...you had better start believing that a lot of real estate investors lose money and many investors' egos cause them to inflate their profits even when their profits are negative.I will sit on my investment cash until the end of time when the risk-to-reward ration is not highly favorable.Overall, I will partner with someone like my woman friend who is super passive and since the day she invested in 2001 she never asked me one question about the book keeping, never visited one property and never asked one question about more than $2.5 million worth of remodeling that was done to the 3 buildings.

She already mentioned possibly remodeling the bathroom and her paying more in rent..

Mike,  I would concur that if you are in a ST rental that will give you some time to get your balance and perhaps rather than to knock down, possibly look to buy existing and remodel. 

Remodeled to add 2 bedrooms and a master bath.

Total remodel on all three units What was the outcome?

I am just northwest of downtown in the Jefferson area; 1930s home that I rehabbed and remodeled.