I would love to rehab the individual units as they become available and there is a basement that could potentially be a 5th unit.

If you look back at my original post, it mentions "garage apartments" before individual rooms are listed. 

Yes, a $600,000 flip demands the better materials but the $150,000 flip would be overkill.3.

You are an individual and you are unique!

Is it an entity partnering with an individual?

Huge demand, and a shrinking supply due to condo conversions means you have an extremely high probability of your property value going up significantly over time.

I haven't researched Victoria or Chase City at all so I can't speak to those.I am in the MBA at VCU and we just had a class on the economic environment in small towns across Virginia (South Boston and Emporia specifically were mentioned) having a terrible effect on the housing demand in those areas. 

Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m)The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company  (IRA LLC) must be utilized.

I'm currently focused on 2-4 unit, buy & hold rentals in the Dayton, OH area, with the ultimate goal of building an income generating portfolio that allows me to say goodbye to my career in financial planning & analysis.BP is an incredible resource, and I look forward to connecting with other like-minded individuals! 

Your situation is different then mine since you have a lease in place, so I don’t know if you could demand one.