Also consider when you renovate your initial returns in early years are lower bc of up front reno then improve after two to three years depending on what you inject as capital improvements.

There are definitely opportunities to improve your chances of purchasing a property as an agent but you have to remember in California it will cost approximately $5,000 a year to maintain your license.How long have you been a pharmacist? 

I'd like to maximize the number of apartments on this lot in the most cost-efficient way.

Based on your replies it seems like I will get the most efficient return on my townhouse equity and my personal time is by selling and diversifying the money into Syndications.

Need to be an accreditate investor with city and you need to agree to improve the property within one year. 

I still think there are still things I can do to improve my chances of getting a great first investment.

Capital gain will be calculated as: (Sale price - Selling costs) - (Purchase price - depreciation + improvements + purchase costs)Additionally, the portion of the gain that is related to the amount of depreciation that was taken on the property will be taxed at your ordinary tax rate, up to 25%. 

Hello BP, Our company has a small lot in an improving area of Decatur, GA. 

I think it's about the most space efficient you can get, plus there are likely energy efficiency benefits(or at least utility cost improvements) compared to your current set up.

Apply your energy to learning the business and maximizing your ROI.