@Thomas Franklin I feel that the majority of that knowledge will come with finally sticking my neck out there and making  moves.

And unless there is some historical protection, I'd be very surprised if grandfathering were allowed - but meeting with the folks at the building department should answer the vast majority of your questions with an accuracy that cannot be provided here.A company that specializes in house moving should be on your list of calls.  

I think I'm in consensus with the majority here.

I am currently going to school at Central Michigan University, and am going to major in accounting or finance with a minor in real estate.

Thanks to a few meet ups and the fantastic podcasts/webinars on BP, we're "all in" these days for real estate to be a major wealth generating opportunity for us long term.Thus far, we've been VERY fortunate with our renters, because we spend quite a bit of time vetting them to the very best of our ability.

@Ashley Dibble - I'm not exactly sure, it sounds like a fancy way of putting that the whole thing needs to be torn down/majorly rehabbed IMO...

Are you bringing other CapEx funds to the deal or are you planing on using the cash flow to make major repairs?

With out of state the major benefit is that you are forced to form a team to be successful.

You can find some deals there if you look and most have the 'mother in law' suite in the back.The kicker there is that the majority of them are not zoned to add one... don't quote me, but I believe it needs to be R2, R2A, or R2AA to add them in.

Thevast majority of rentals and private homes in my city have them.