Much of my generation (I’m in my mid-40s) and younger generations don’t have the skill set to do common repairs or remodeling so they have to pay labor costs for every repair or update.Those who realize they don’t have the knowledge, skills or desire to maintain or renovate a house are renting.Renting makes sense for an ever increasing portion of the population.

If you can be persistent in maintaining the blog, do it.

I havent walked through the house I mentioned to you, I dont know anything about it other than I know the neighborhood and I think I am pretty close on where the market rent would be if each of the units were well maintained and had a decent layout.IF this property is decent, you will have to move fast. 

You can deduct any expenses you incur for maintaining and managing a rental property as well, but the initial cost and rehab investment is depreciated over time (not taken in a lump sum deduction), until you've recovered the full cost basis of the property or you sell it. 

This is part of the reason I still fund my retirement accounts heavily, despite preferring real estate over the stock market.

As far as I know, Banks aren't in the habit of selling THEIR assets at 70% as-is market value.Will they let you buy their stocks/shares for the same 30% off their traded value?

This is the time where you will see a short sale pop up, and or the property is empty and the bank starts to maintain the property so it doesn't accrue and municipal fines, or damage.

If you have it in cash, you can make it work for you in other ways, either by buying another house, or putting it in the stock market.If you have no desire to grow your portfolio further, then paying off the loan earlier can makes sense.

Or hang on to 1st floor and maintain month to month while I rehab second floor?

I don't look for association maintained properties at all locally.