I don't know much about Dodd Frank or the Safe Act, and though I'm learning I doubt I'll ever know as much as a loan originator. 

You obviously want to make sure with little kids that you're somewhere safe, but the real appreciation is going to be in the "up and coming" areas moreso than the areas that are already there. 

Anyway, because we know nothing besides what we've read, because we're always talking about the "What ifs", I'm ready (and I think I convinced her) to just go for something that we feel safe owning, that's easy to start (low maintenance) and by my calculations at most we'd be on the hook for maybe $4k/year if renting didn't go so well.

Try to find the best safe place for your money to earn as much interest as possible.4.

And there is a safe harbor from the IRS that has to be followed. 

There may be a duplex that may be on a decent street that you and your family would feel safe living on, even though it may not be in the best neighborhood.  

I think this is safe as you don't have a lot properties with zero equity.

Plus the cost of removing plumbing, working around windows, blocking joists etc.I see basements on a regular basis with overkill fixes, i.e. one wall had a problem and instead of bracing one, they braced all four just to be safe.

If the bathroom would be able to be used safely while the reno is going on, I'd just offer the tenant a bit of a discount for the inconvenience.

If you are laying tile then use the cement based boards.I am suggesting you safely encapsulate the existing vinyl tile and leave it alone.