It's very likely that we'd spend the next year working with architects, designers and engineers...so very little (if any) actual work would be going on at the property.

There seem to be a good number of cash flowing properties in the 175k-200k range.Both of us already own individual primary residencies, we're both engineers with relatively high paying, stable jobs that we plan on keeping for the forseeable future. 

But the engineering will dominate the cost. 

I have no knowledge of a building but have an engineering background and looking for a good resource to self-teach from. 

I suggest finding the lender you plan to use first and reverse engineer your buying process to ensure success.

Both my wife and I have W2 jobs (nurse and engineer) as well as 3 boys aged 4 and under.

Be consistent.Well I am not sure about you all, but as a NASA robotics scientist, an Aerospace engineer, and Mathematician, .... if something doesn't work, I definitely am not going to do it some more and "stay consistent" right?

Or a large townhouse in Brooklyn where you can value engineer a bit more?

What we do, ultimately, is financial engineering, and it doesn't happen in a vacuum - it happens in response to the current and anticipated future environment.  

You’ll need to engage the services of a structural engineer.