Lastly, If you can find a $400-$600 positive cash flow on a small duplex it will get you in the ball park of a decent investment.  

Because tenants will ALWAYS prioritize their car payments over rent payments because:- They don't plan long-term- The car is more important to them to get to work and around- In Michigan, a care an usually be repossessed faster than a tenant can be evictedWe also require & verify a 2-year work history.- To consistently pay rent, you need consistent income, which requires consistent employment!

You’re on the right track thinking about converting it into a long-term rental.

How long do I have to sit on it before I can get my cash back out of it? 

What city are you eyeing for investments? 

Thirdly: Coordinating showings and tours around long-term tenants is annoying for everyone - coordinating them for a short term rental with a full calendar is extremely tedious and often frustrating for investors and buyers- particularly those visiting on their single trip of the year..my best advice is to try and block a few days for showings near the anticipated listings launch date and possibly even each or every other week it is on market.

I have been absolutely inundated with investor interest in the last 2 months. 

It sounds like you’re thinking big and long-term, which is great.

Unfortunately for your plan, duplexes and quad plexes are the same as SFR in a bank’s eyes.

It is my option to pick how long before it balloons.