Also, I expect my cash flow to be lower because it's a shorter term than I would prefer but at the same time, I would invest half the cash so that might make sense.If someone could run me through this, I'd greatly appreciate it.

I collected one deposit check, not two but I'm sure they think that each is entitled to half the deposit.

Close to home means, you can get there within half an hour (hour tops).

Hire a bookkeeper as they are about half the cost. 

Should I split the bill in half with the tenant?

To me I would think there could be extreme value in a property, that due to its current engineering allows for less than the 2% rule, but with careful and thoughtful reengineering (adding a half bath, closing off a big room to make 2 rooms instead…etc,) you could accomplish that the 2% rule with the added boost in rental income that not everybody would be able to vision.That being said let me pose the question that I hope will initiate some discussion.Has there been a time where you bought a less than attractive investment property and were able to change the dynamics of the floor plan with regards to beds/baths in a way that allowed for a substantial increase in rents?

The market in Hawaii was at it's peak and we couldn't justify paying half a million for an 80 year old fixer upper.

I had assumed I could sell it for half the assessed value.

In my estimation while I could make more money doing this myself...I would not be able to do this myself and definitely not from a location over an hour and a half away where I am now. 

I mean, how could ANYONE with half of a brain not have seen that crash coming, especially these pundits and predictors that write articles like these??!!