Theres enough room for around 8-10 units depending on how we do the new layout.

Don't know the exact layout of the property, but why do you feel you need to kick-out the upper-floor tenant in order to rehab and occupy the lower floor?

I'm confident that my house will sell quickly with the layout I have planned and the only thing left to decide on are the floors. 

My personal preference are 2 bedrooms with better layouts (although those are harder to find in 4 family...

Yeah, I'm not a big fan of the ROI for  this building but, it is very tempting to purchase a building of this size in my Niche area and have the apartments finished in a similar layout.  

Just have to run the numbers to see how it affects the basis. it will definitely improve the layout of the home and solve a problem I already was facing with a wall rebuild. 

Open houses in the area you want to rehab in has been very helpful for usto get an idea of what kinds of layouts, improvements, and amenities are trending.

Or you can always post in the craigslist Real Estate Wanted area, and lay out your down payment and max price, terms etc.

Sketchup is the easiest, most approachable design software to get started, it can be used for design modeling as well as construction drawings with the layout tools.

(six sense, intuition, discernment)  "If it looks like a duck, quacks like a duck, walks like a duck, then it's a duck"...I look for the Swan properties...Minimize Risk!