Real estate is a great field with tons of opportunities, even without a license.

I always recommend a home inspection even on new builds.

Areas that have been good 30 or 50 years ago are still good today.One wildcard though.The city of MKE has initiated a projected called GrowMilwaukee, which is based on the majors vision to increase population (for fiscal reasons, more people per square mile) and they have identified the lack of midrise mixed use districts - they call it the "missing middle".

In fact, you may want to give them notice now and hope they will leave even earlier.

You will either need to payoff the second via a HELOC or second mortgage or refinance the entire note (both 1st and second) So could I get a HELOC even with this lien in 2nd position?   

I'm also wondering if Charlotte being so expensive is likely to drive people there, even though it might be a bit too far a commute

The implication from your question screams that you absolutely need assistance and insight from an experienced, knowledgeable REAL ESTATE attorney to help you understand the risks and protections available to you in the type of transaction you describe.

.: Even if the contractors only spilled grey water, the tenant may have done much worse.

I just don't know if my family and I should continue to pick up these types of condos with either no return, break even, or low profits.

What are the tasks that must be done by a property manager/owner versus someone who is assisting a PM/owner?