But I'm an investor and wholesaler full-time.

I actually lol every single time I read this under experienceRegardless, the IRR is dependent on many factors including: purchase price, exit price (this factor is the biggest contributor to IRR), rent growth strength, ability to re-position, debt terms - LTV, rate, term, IO years, amortization yearsArticles you might find useful:The Inside Track to Vetting A Multifamily Deal SponsorDeal Screening Checklist for Passive Multifamily InvestorsFocus on developing relationships with the right syndicators (full disclosure: I am one) with the right background/experience working with the right teams. 

This would be the type of deal where you would be much better served doing a full gut rehab of the building and moving out all of the tenants in staggered groups as you rehab.

this is a nearly full gut, floors stay, everything else goes. moving walls, new mechanicals, etc. also I guess I know now to draw up rehab plans before engaging contractors.

What your looking for exists but usually builders only finance on land they own, and even then its usually in a full development. 

This is because it's a 40 minute drive, and I do not have time to screen and meet for showings, with my full time job.

Could be for Section 8 or not, I still do full rehabs.

One alternative I’ve considered was converting the basement into 1 or 2 additional bed rooms and turning the half bath into a nice full bath.  

Especially if I am still working a full time job. 

Give me a call if you want to discuss further, for a full opinion on whether or not the liens would be removed, I'd have to look at the title work, type of lien, etc.