Save back the rest of your money for repairs and improvements.

Most quality product is trading in the 5's and 6's. 

You also will want to keep track of repairs and minor costs which can be expensed rather than added to basis.Unless you're pretty comfortable and knowledgeable about the tax laws, you may want to look into hiring a CPA. 

My concern would be getting quality property management for that 10-20 unit. 

I am looking for a referral in the Twin Cities (Minnesota) market for someone who is good with foundation repair.

All repair parts and equipment to be included.

Also, after repairing the home and reaching a higher appraised value, are there any restrictions on a cash out refinance since all of the funds did not come from me? 

Brie- do you mean I should analyze the property to include market rent from all units, and also include vacancy, repairs, etc for the entire property (opposed to only the units we would be renting out)?

But have now torn out half of a rock lathe wall, will need to repair that, drywall is going to be tricky to patch in.   

We did a good quality job in Baltimore City.