Then you may be able to split the lot and do a construction loan for a new build on that additional lot...

Places where home prices are going up fast or where there are always people looking to rent and the income is good are often best.

When evaluating such deals, when does it make sense to purchase a property that can be fixed and refinanced to maintain ownership, while also allowing for the construction of a duplex on the additional lot, thus maximizing the return on investment for both the lot and the property?

Additional thoughts.  

Also factor in the stress of doing a rehab / finding a deal as well as the stable income (as long as you know you have good tenants right now). 

I hope to be able to apply what I learn here to building my own income-generating real estate portfolio and eventually creating passive income for myself so I can spend more time with my kiddo!

Please note -- although this is separate from property management, IF your PM handles this for you in addition to traditional property management, is the fee you would pay them for this different than if it were a completely independent construction manager/overseer not already associated with the apartment complex?

For additional context, this is 24/7, 365 day monitoring.

When creating your criteria, it is important to focus on the evaluation of the following qualities: • Capacity to pay: Does the prospective tenant have enough income to afford the rent and other expenses involved such as utilities or additional costs such as parking or storage? 

We then have an umbrella policy for additional coverage and I add damage protection to all of my reservations for additional coverage.