Hope this helps and congrats 👏 

You could always extend if needed, but you have options.Happy to discuss offline if that is helpful. 

Any advice on educational courses or material that would help me learn multifamily as someone just getting started?

They’ll have a deep understanding of the market and a strong network, which can help you identify the best opportunities.Owning rental property isn’t as simple as it might seem.

The reason I ask is that knowing the fast movers of the area may help you choose your project.Lastly, what kind of renovation budget have you established, and is it an upfront budget, or will you be contributing to it over the time that you live in the property and renovate it? 

That helps you recover some of the money so if things proceed to a lockout, you're not as bad off financially.

A little to learn, a little to be available to help or answer questions.  

At that time we could renovate the ground floor apartment and potentially turn it into (2) apartments for a total of (5).My questions come down to how do we deal with the existing 40k mortgage, whether we can make it work so her parents aren't paying much in rent, if anything at all, and whether or not we set up any legal entity, like a trust to help the legal situation of paying off her sister down the road. 

Gap funding has been helpful to some so that the "wholesalers" can own the property before they market it to other investors. 

I'm now realizing that in the state of South Carolina, the tax rate jumps 2% for rental properties to help fund public schools, a $600/mo cost that I didn't account for when using the calculators in the earlier stages.