2. is caulking alone going to hold it tight over the long run?

And debt is spending today what we need to tomorrow pay for, and if the earnings and savings are not there to pay, then money is tight.

No, I think we are at bottom in most markets, and as in mine, below the bottom, BUT, BUT BUT BUT, you are leveraged in this thing way too tight the wrong way, with an ant fart in the wrong direction your gonna be in a real pickle.

Moving furniture and having smaller windows or work or access can get in the way and often makes it more difficult with tight schedules.

Is a GC going to be motivated to work for free with a tight wad investor that doesn’t even own the property, or go put up that mega deck for the couple on the golf course?

I think 1% is too tight if things go south, but that's just me.

Everything just seemed "tight" from the website, to the generated adds for places like craigslist, to the back end.  

I don't think I will be able to do them both at once, my money is tight.

You should have something in mind that is going to get you a better return than what you currently are from this place.You also say you want the money so you won’t have to live on as tight a budget.

And I totally agree, a 4-unit would be ideal, however inventory in a lot of markets is tight and I feel that although I would most likely jump at the opportunity for a 4-plex in a decent area at the chance, I may end up going with a property that has the most value-add potential when there isn't a ton to choose from.