Having to add it later would prove even more costly. 

I used to consider umbrella to be cheap insurance, but that is no longer the case if you live in CA.  

Florida, where I live, passed a great amendment to our "squatter" law.

If its a total gut, that changes things...but if it's bought right...Rehabbing will likely be your best bet. new builds set the price premium in every zip code I've ever studied. in addition new builds don't take 9 months. we just built a house in 60 days. we wait till permits are approved and shovel ready, investors buy land cash, entitle, contracts, negotiate with financing, place financing when we are ready and break ground. but we build the same over and over and don't go outside our Floorplans  

Fix them up while living there and rent out the units to help reduce your mortgage. 

I can connect you with some contacts as I live in Colorado as well.Thank you.

If they do handle an unrepresented buyer, no other agent involved, the listing agent will likely have the extra charge in their listing agreement already to cover the additional work and risk.

Each unit has its own entrance/exit in addition to the common egress.

This would be our first rental and we would be living out of state.