It is sort of a fixer upper though.

would we have the upper hand in case they take us to court ?

Ground floor units have large fenced yards and upper units have covered decks.

Its a fixer upper who was abandoned about a decade ago .

The upper unit is leaking into my lower unit master bath.

Prices have topped out in the area, rents have already increased, and are approaching what I believe are the upper thresholds.   

The plan would be to renovate the property, she'll inhabit either the upper or lower flat, and we'd split whatever the rental fee would be for our tenant.

Each floor is 576 square ft. (24x24) Upper unit is a two bed.

Additionally, I'm looking to get a FHA 203K loan or construction loan to add value to a fixer upper and would be open to FHA lender recommendations in the area as well.Lastly, I'm open to suggestions of other great cash-flow potential areas with a decent commute to NYC and would really appreciate any suggestions and recommendations. 

Hello all, I'm analyzing a single family home that has 3bed 1 full bath upstairs, plus a finished basement with a full bath.My plan was to live in the basement and rent out the upper rooms.