If your system is bad, you are talking BIG money to fix ($15-20K in my area). 

I figure there is no issue you can't fix. 

You mentioned you're into interior design - with your background, have you considered partnering up with investors focused on fix & flips, or maybe even some general contractors? 

We greatly appreciate it.BTW, very creative how you fixed up that combination. 

If something needs fixed the owner has to do it.

But with this kind of negative cash flow, you are betting that appreciation is growing more rapidly than the interest you're paying--just to beat putting $900/mo in a savings account.On top of that, you're still in the window where you call sell this tax free using the primary residence exemption.Using the $80K on a $350-400K multi or two $200K homes on a 30 year fixed will provide the same appreciation while having someone but you pay off the mortgage.

Am I still able to finance this deal with a downpayment and a traditional 30 year fixed loan? 

A good deal of it is cosmetic but as its an older building and the current tenants (month to month thankfully) are treating the place like the slum the current owner has let it turn into, there are plenty of less cosmetic fixes that will need to happen. 

I recently watched the @Brandon Turner and @David Greene webinar on the 90-day call to action for real estate investing and have since begun to analyze as many deals as I can in my spare time.  My question came up as ...

Generally hard money would be used to buy/fix up a property and then REFI into a conventional loan if holding.