It's booming out here, subdivisions going up left and right, luxury apartments by the thousands.

I would also like to add that you should focus on finding something that is either 2-4 units or a SF with a mother-in-law suite and separate entrance.

@Phillip Davis - I am familiar with the house hacking strategy, but at the moment I am fortunate to be living rent free (I moved into a paid for in-law suite) and will be for the foreseeable future.

I wouldn't advise doing structural DIY, as for aesthetic it really depends on price point and location, it sounds like this may be a luxury home so you might want to do a little more, but if this is a tract home you could be just fine with "agreeable gray" and "tolerable tan" because spending more money does not = more value. 

We figure if we get Tyvek suits, scrape the popcorn, remove the carpet, paint the walls, replace the appliances(they are already shot) and all the fixtures, throw in new countertops, paint cabinets...etc, it'd be great.We think that it won't be that bad since the place is 790 sq ft. 

I think you are on the right track buying a place with a secondary suite and then using the rest for future purchases with 20% down. 

Here's the deal:I bought a single family 1900 sqft, 3 bdrm, ranch-style house with an attached mother-in-law suite.

Here's the deal:I bought a single family 1900 sqft, 3 bdrm, ranch-style house with an attached mother-in-law suite.

You should look to connect with local wholesalers, depending on your funding situation, as they should have off-market opportunities that might suit distressed and low value.

It's easier to rent out a fully separate, legal apartment than to rent out a room/suite within a house.You can read the original ordinance text and background from the Raleigh City Council agenda, but per IndyWeek, the ordinance as passed does not include items 3, 6, or 7 under "D.