My dilemma is that I have found a Fourplex locally that was recently renovated and has a gross rent of 2600 monthly with a 99% occupancy.

I've got no problems replacing subfloor or framing in walls -- but plumbing is somewhat new to me, and I'm hoping there's a middle-way between completely hiring this out, and potentially screwing it up by trying to come up with my own plan and potentially causing plumbing/drainage problems (here, you can pull your own permit if you are the home-owner occupant).   

James Kojo[] Previous 24 monthly operating statements [] Current rent-roll [] Tenant Ledgers for past 12 months. [] Copies of all resident lease agreements and applications [] 2 most recent months of all utility bills for common area and currently vacant units. [] Copies of all existing service contracts and agreements. [] construction and other warranties still in effect; [] Insurance loss runs for the previous 5 years [] Most recent survey of the property [] Any environmental reports and description of any environmental remediation. [] all licenses and permits or certificates of occupancy or other documents indicating compliance with any applicable governmental requirements. [] As-built building plans [] Copy of each floor plan. [] Copy of property brochure. [] List of all property phone numbers (including general office line, fax, modem, internet connection, maintenance, security, etc.) [] List of all websites, domain names, social media accounts, or any other means of advertising or marketing associated with the property in whole or in part, whether transferrable or not. [] List of all trade names or intellectual property associated with the Property. [] Staff listing

Send him a note indicating that since you intend to sign with the current occupant of the unit you are sending him a termination notice (enclosed) then sign a lease with the brother or him and the brother. 

PM and on site manager ripping them off left and right. he gets it up to about 90% occupancy but has 30% collection issues.. a Murder a few other violent crimes. later and things start to go back to the mean.. he is now having to fly there once a month to collect what rent he can.finally gave up like how these properties get recycled and sold for 450k to the next victim and lost 500k plus in the process.. 

Mercer county has some demanding landlord rules but seems reasonable like getting a Cert of Occupancy between tenants.

This was a cold call (off market) deal and we have taken a mom and pop hotel and added value in many ways, increased occupancy and ADR (average daily rate), integrated with OTAs (online travel agencies) and increased marketing efforts to emphasize the strengths of the property as a destination for tourists visiting our region.

It was one deal that didn't require "owner-occupancy".

Were they local for you (in your state of residence or occupancy), or local to the property wherein you were investing? 

In my opinion, if I bought a first floor unit with a dune view, I’d expect to get less income than the other two, based solely on less occupancy.