It's close to downtown, and a major university in my city.It's a duplex with a 4 bedroom and a 1 bedroom, and I plan on living in the 1, and renting out the 4 bedroom, or possibly filling in a spot in the 4 bedroom, if money is tight.What I'm wondering is how can I account for vacancy with the 4 bedroom unit?

We've done a bunch of work to the house including, a complete kitchen and living room demo, and adding 2 additional bedrooms to one unit.

 (1 or 2 bedroom basement apt). 

But I got caught in some interesting stuff.Sure, Bay Area, LA, Sacramento have scary prices like 3 bedroom houses for $1M and rent at 3,000.00 (far from the basic 1%), but I looked over cities like Fresno - the fifth largest in California, with 500k+ habitants and a lot of good looking demographic and economics numbers - and I've found several properties in the 100 ~ 200k range with some close to %1 rental numbers.http://www.trulia.com/real_estate/Fresno-Californi...http://www.zillow.com/fresno-ca/http://www.city-data.com/city/Fresno-California.ht...Fresno is just one city and California is a big state.

Both units need work; here are the larger items:Appliances (Unit A needs range + fridge; Unit B needs fridge): $1,500Floors (flooring needed in living area, hallway, bedrooms - probably use vinyl): $3,000Windows (need to be re-sealed) + New Doors (front screen door, doors in basement to yard, etc.): $1,500Paint (most rooms need paint): $1,000Roof Shingles: (may or may not need to do; roof missing a few shingles near gutter): $300Dryer Duct (missing a piece that connects from laundry room to outside, quick fix): $100Hot Water Heaters (electric) x 2: $2,000 (which is probably way high, but trying to be conservative).TOTAL ESTIMATED REHAB BUDGET (which is probably sky-high): $9,400ESTIMATED CLOSING COSTS: $5,000 all-inPROJECTED CASH-ON-CASH RETURNS: 14.91%=====================SECTION 8 PROGRAMI really need to educate myself on the Section 8 program. 

Has two 3 bedroom units.

Carpet in the bedrooms where there is less traffic and it is really nice to step on first thing in the morning.

Assume for a moment you have a local team able to handle 100+ homes a year and have a few hundred homes under your belt.I have 20 days to find a cost effective solution......I'm thinking I should partner as these assets are spread amongst 26 states with about half in the SE of the country (where I have ample experience and resources).

This charming 3 bedroom, 2.5 bath 2032 sq.ft home is great for any growing family or the perfect empty nester home.

I have a SFH with 6 bedrooms and 3 1/2 baths, I tried renting the property myself and did not like that route.