If so, the title attorney is going to clear those violations.

Any other ideas on how I can go about this?

@Karolina Powell, if you are going to make investment decisions based on someone saying a small market property is worth a 6-8 cap rate, do I have some things you will want to see...Everyone should have a general rule of thumb, and Austin may be correct, or he may be way off.Mixed use can be hard to value in any area unless there are other trades.  

How many partners are going in on the first deal?

Going into an election year and with the general state of the market at the moment I’m worried about the home not selling and the lender taking my primary residence as collateral.

In a non-judicial foreclosure state, like GA, lenders can foreclose on a homeowner without going through the courts.

The upstairs has a separate entrance, then 2 bedrooms, kitchen, living area and bathroom plus a door going out to a balcony from the kitchen.

1031 exchange would have been the way to go!!!

When Fair Housing laws apply to you, be mindful of how limiting the unit to 1 person may impact you, because you could be setting yourself up to a fair housing complaint, and even if you prevail on the matter, just having to go through the process may be more than you bargain for. 

If I had to pick which direction I should go if I want to make this an ongoing thing.