"- little recycling symbol that says next to it "recyclable"------------------------------------------------------------------------------------------My business partner is a realtor, so I want to mention our license number to possibly reassure people that we're official. 

You mentioned the finishes on some of the units are quite decent, so let's say you go to Ikea and buy mid grade kitchen cabinetry, you'd be at least spending 4-5000 a kitchen.

I'm waiting until I pay off my primary residence and will likely put 50% down or something along those lines.I've heard that a single family will appreciate the fastest, but has more of a hassle factor in terms of managing it.  

If you wait 6-12 months you could refi at the market value (ARV).

That said, if your lease has no mention of this then there is little recourse.

I think it's all about seeing what's happening in the 5-10 block vicinity of your property, and waiting for the trends to tell you what to do or not do to command more rent.

I am not sure if it makes sense to invest in a MFR now and get a solid PM and tenants, or to wait until we get back and invest.

My other concern is that I get a place fixed up, only to have to wait until spring to get it rented out, which leaves the property vacant and a target for vandalism or squatting.Apologies for any ignorant stereotyping of the Midwest.  

Sounds like you would want a 203k as mentioned above.The key here is they are on the same tax parcel Source: I did this exact thing (minus rehab) in may 

That said, like @Matt Motil mentioned there are a lot of dues and costs to hanging your license.