No personal experience here but here's a helpful reference from someone who wrote a blog about different aspects of a 2 flat remodel in Chicago Scroll to "Two-flat journal 6: How to make an all-electric house" - - speaks a little about heat pumps and cost In the HVAC section.  

." - The Psychology of Money by Morgan Housel In real estate, it's not the smooth sailing that defines us, but how we navigate the storms.

I do have a few other unique aspects of my situation, that I'll note below along with the property details.*  Property is owned in an LLC. 

I have several property proposals already, ready to present, my team and I will hand all aspects of the investment. we handle the acquisition, the renovation, and management.

Hahah most of the time if you ask "are you looking for someone local so that you can go knock on their door when things go wrong" it's a lighthearted way of saying in our technological age location probably isn't as important as the other aspects.

So from that aspect I'd say its a good learning experience, however, with regard to the specific situation of the current people living there thats a good discussion for a local realestate lawyer. 

Property managers can handle tenant screening, lease agreements, rent collection, and even routine maintenance with a network of reliable contractors, which could save you the headache of finding a trustworthy handyman remotely.That said, if you feel confident in your ability to manage these aspects remotely and have reliable contacts in place, you might be able to save money by doing it yourself.

This is defined by the use of the money, not your borrower’s profession, or who lives in the property.

Related parties are defined as family members or entities in which you have more than 50% control.

You need to define your parameters and identify the types of properties that meet your needs both for living and for an investment.