Without knowing where it is, the size, etc etc we can't really comment with any kind of authority.The master lease also bugs me.

On the other hand, NOI and Cap Rate become extremely important because that determines value and to a large extent, the size of the loan you can get.The only point where this becomes a gray area is if you were to combine multiple contiguous properties and run them as an apartment. 

I think a very good property manager is worth their coin, but just need to call out the sample size you're promoting.

who specialize in new construction / development of single family homes, and small to mid-sized multi unit buildings in the city.

Plumbing by-passes or abandoned lines; collapsing sewer lines; badly corroded supply and waste lines (both can be from inside or outside corrosion) fixtures with very hard to find components; hidden electrical junction boxes...or non-existent boxes at junctions; outdated and/or underrated distribution panels; knob and tube wiring improperly connected to, or extended with, romex; Switches wired incorrectly, breaking the neutral instead of the hot side; no, or poor grounds for improper outlets; overheated connections, outlets, switches, and light fixtures; improper wire sizes for circuits and overloaded circuits; and plenty of others...all very costly to troubleshoot, locate, and correct individually.

Plus a garage that can house a full size truck and all my equipment. 

There are a couple exceptions to the same such as:- Divorce or family size increment- Military relocation- Job relocation which results in a move that >50 mile radius from current house Make sure you stay in there for a year since moving out before then could trigger a mortgage fraud inquiryP.S: Just wanted to add this last-minute, DO NOT ENGAGE IN MORTGAGE FRAUD.

It's less than $50/hr since it includes all the materials and supplies.Materials & Supplies:- Maybe a full sheet of sheetrock, just a 2x2 or spackle only, depending on the size of the repairs.

Motivation comes in all shapes and sizes!

In the Museum District of Richmond Va I've found a multifamily (4 units) property on a good size lot for that area that has a back ally access with a good size back yard and no garage like most of the neighbors have.Please some one well versed in Commercial properties and multifamily tell me if I'm on the right track with this line of thinking..My approach is to buy the property using A conventional residential financing and build a garage with an upstairs apartment, making the grand total number of units on the property a fabulous Five.. which is infinitely more in the eyes of Lenders because a 5 unit property is considered a Commercial Space.