You also want to design the space so that it doesn't feel like a garage. 

@Clayton HowardFirst, find an investor/agent or at least investor-friendly agent and start learning how to evaluate the market and properties in the area you want to flip.Always remember you make your money on the BUY, so pay close attention to how much you pay for fixer-uppers and how much the MARKET says you can sell them for.Don't get too fancy with the rehab design starting out until you know what you're doing.  

Seems like there is close to the same amount of square footage upstairs as there is downstairs so was thinking of maybe converting each level to it's own designated unit. 

I have a coupon code for it if needed but I set it up like a multifamily where each room was a unit and they had a designated amount.

Then developing that potential and flipping or holding.I am a 20 year structural designer of residential proprieties.

If you self-manage your rental, by default you are the landlord - you are executing the lease with your tenant, without a middleman.Some property management companies use leases that designate themselves as "landlord" - the owner is not a party to the rental agreement.

To clarify a commercial zoning designation is not the same thing as a five unit building being a 'commercial' building for lending.

(Unlike the flipping shows where they focus on drama and design).

If the floorplan allows you can certainly make changes that either add square footage or re-designate space (Example, convert a den to a bedroom). 

Purchase price: $80,000 Sale price: $142,000 I designed and did most of the work myself with the exception of tile installation.