The bank loaned (sold) you the needed money do buy the home. 

I was told you make your money when you buy it.

B grade property walks are attended by my children to run around and tell me which bedrooms they would pick if it was their home.43605, 43608, 43609 are the popular zipcodes for bottom-budget value purchases...I manage a ton in these areas and my personal portfolio contained over 40 43608 properties at the peak. 20% of these properties will be crazy money earners, 20% will be astounding money pits, and 60% will fare average.I have evolved into the nicer 43612/43613 for my personal portfolio and find the properties earn consistently and far smoother than my 43608 houses. ($80k renting for $1200 vs $40k renting for $800 multiplied by the ratio above vs boring consistency of the nicer area) Oh and I have zero excitement for apartments.

The other two options require spending money that is basically going out the door to lots of fees and expenses of exiting your current house and getting into a new one.If you were just looking to move, that is perhaps a different story… If your house isn’t working for you, for instance.

Here’s my honest opinion; not trying to be overly critical, just hopefully constructive adviceYour plan sounds like a newbie with no money and experience trying to wholesale Look, wholesaling real estate is a BUSINESS.  

We haven't done much with them yet, but I hear from some seasoned investors that they work great, and I hear from others that they are a waste of money. 

Even if you could get $5000 per unit and every tenant was perfect, you would still lose money.

Making smaller apartments from single family isn't going to go over well either because people are used to getting more square footage for their money, unlike in NYC.Micron is putting a chip factory in Clay, which is northeast of Syracuse.

We BRRRR 8-10 per year and the flips supplement the money left in the BRRRRs. 

If I were the money person, I would want to see the deal first.