The rear unit has a longer term tenant and they pay $400/month religiously.

Our long term goal is to improve our lifestyle and build wealth by growing a solid real estate portfolio. 

{The longer we do this, the more we are an accommodation services provider - or even lifestyle services provider - and not your traditional landlord}.The slumlord approach of cramming students into a dilapidated house is {thankfully} a passé notion as students, in most locations, have choice these days.Renting by the room can produce higher revenues than renting by the unit, but it also comes with more administration: tenants have individual relationships with the landlord and not with each other - as a consequence, you (the landlord) will have to deal with housemate drama.  

Other than having a completely different outlook on money, personal finances, and who is responsible for funding their lifestyle they are no different than anyone else.

The time spent doing management would kill our lifestyle. 

(Unlikely at most employee levels, but it's worth asking.)As a general rule of thumb, I'm a fan of people renting for a period of time in a new city so that they can make a more informed decision on what area fits their lifestyle, but that's more of a personal belief than a suggestion. 

Condo is a choice of lifestyle, which certainly costs money.

If you do hard money you need to be RELIGIOUS about your commitment to a 90 day turnaround (purchase to sale).  

There was a thread about LifeStyles unlimited Vs.

Start going to them sooner rather than later, even with no to little experience you can still attend many of these meetups and you'll soak up so much valuable information and start building great long lasting relationships which are essential in this field.People will take you seriously if you show that you are truly committed and consistent, so commit to a few meetups you will attend religiously.