Looks like some solid literature to help get me started.

I would really like to replace the old pipes but I imagine it would cost thousands of dollars.

I can't imagine that I wouldn't.

I imagine doing the switchover would be that much harder and morally hazardous if the tenant is good.

Is our reasoning legitimate or are we using our imagination to create a fairy tale?  

I imagine most on here aren't regular lottery players but when the jackpot is nearly a billion dollars (I only count the cash option as the value) it's worth a shot for the entertainment factor. 

@Ryan F.Refi may be an option, but I imagine you don't own a ton of equity yet with that low down (maybe you have been over-paying).Beyond that there are private loans, and hard money loans.

I would imagine the fourplex will cash flow better.

.- Currently a technology PM/BA at a bank, which has a RE BusinessMy Goals: 1) Transition into the RE Business from IT, 2) Invest in a house myself or for income, 2) Transition between the available teams to learn as much as possible for an exit opportunity of starting my own company- The Bank has almost all of the imaginable RE teams: Acquisitions, Research, Management, Development, etc...- Each team also has a focus: Retail, Commercial, Residential, Infrastructure, Marine, Office, etc...- I have been focusing on networking with the Acquisition and Research teams since I believe those will be the most visible roles to the investment process- I have read a few Broker/Agent/Investing books and reading RE Financing/Investing right now.

The properties in these areas as you can imagine are high priced making it tougher than other places to enter the market (depending on your financial resources).