So if the carpet is in good shape, I am not sure that I would replace it.There are some things you can do with additional insulation between the floors and additional sheet rock, as well as some sound isolation measures (green glue, resilient channels, etc), but those would require a decent amount of money and messy work in the downstairs unit.  

Verbally we have rent rolls and info that everyone is paying and that appropriate green card is in place (New Jersey requirement).

I also make sure I eat breakfast.

@Julie MarquezIts like telling people in 2011 to not eat bread cause this Paleo shtick.

I liked the property, so I asked the agent to put in an offer.Monday 1/4 4:30 pm - Was eating dinner at a restaurant, got the email with the offer paperwork.  

That way, every delay would be a potential missed flight back to the other job.Picture the show HomeTime mixed with Green Acres with a little Property Virgins thrown in.By the way, people thought it was a married couple on HomeTime and it got freaky when they just replaced the woman.LOL

All in all, if you try it all at once you could eat a big vacancy loss, have an iffy pool of tenants and a large repair bill.

If you add a hard money loan in for the rehab the cost would go up dramatically$90K @10% interest only makes a payment of $700 + 3 points (3% x $176K) = $5280 (typical hard money terms) So total hard money costs would be 700 x 6 + 5280 = $9480This approach would eat up some of your profit but and add some risk but the numbers still work. 

Most likely you will end up taking the security deposit, and then eating the extra costs.

Also flood insurance is a killer and with rates beginning to increase for the next 8 years if you are not above the heights for FEMA guidelines you will need to make the decision whether to eat the flood insurance as a line item, Which will get costly or front the expense to elevate to reduce flood risk for the foreseeable future.