@John Mayer Excellent, not sure how capital gains taxes work with inherited properties, but selling it would get you a good chunk of cash to invest, and you could probably achieve your goal a lot sooner! 

Instead of "My select list of 100 cash buyers". 

That would be a bigger concern to me personally.Mary, that is an excellent point that most would not consider.

Then again...In terms of selection in the condo world, unless your 1BR unit has something special (high floor, unobstructed view of the lake, underground access to the subway, etc.) it's not exactly a desirable unit.

I think getting into the multi-family space is an excellent move whether you plan on occupying one of the units or not.To know if this is a good move in your particular market, I'd consult with a lender and a local Realtor.

You only need to meet 1 contact, have 1 idea to make the money back and it could excel you to the next level. 

You will need Microsoft Excel for Mac 2011 or newer.  

I was going to ask for a recommend pro forma excel file for a commercial project of this scope.

I've got an architectural design picked out, a contractor selected, and I've got the family ready and willing to move into one of the units.

@Frank Jiang That is excellent advice!