I ran a simple spreadsheet evaluation to include the various costs involved with making this work (image attached). 

Our calculations show that the 6 unit property will net is a minimum profit of $980,000 in 10 years and if everything goes the wat we project our profit will be $1.2 million, or $120,000 per year for 10 years.So, your best route is to look into selling your homes and purchase no less than a 4-unit property because when you own properties with 4+ units the value of the property is determined by annual income multiplier times the Gross Multiplier.The following image is an example of the profits for a 4-unit property when you increase the rents only $50 every year. 

The first thing you do is check the moisture outside, get a reading and then check the moisture inside, but then you still need to find where the moisture is coming from and most contractors today use an infrared moisture tester that shows an image of where the moisture is coming from.

I've seen a lot of people with less than $200,000 do some amazing things by having relatives or friends put temporary money like $50,000 or $100,000 into a buyer's bank account so the bank would approve the loan, but you need to put the money in a few months before you apply for the loan, or the banks will catch onto your scheme.The following image shows only one of the types of calculations you need to do to project your profits.

@Mark Borrego I believe the prices on MLS listing sites that you are referring to are including estimations of the properties taxes and insurance hence the much higher price.

J Scott wrote a great book titled The Book on Estimating Rehab Costs which i've found to be a great reference guide.

Nothing you did, you're fine tenants, I need the units vacant to remodel the entire building, I'm happy to provide a nice reference for you, etc". 

@Eric James when you say you can’t believe how fast people jump for cash for keys, were you referring to me going straight for that or the tenants that will jump on it?

I have conventional and commercial loans in my portfolio and can refer you to good local lenders in the Minot area, if that is where you are.

What I got was 12 substantial renderings (one with 55 slides/images)   Please check it out  NOTE there are 12 different COMPLETE submissions!