This place is just a block away from my current rental -- and I absolutely love my neighborhood in Cleveland, Ohio.I've run the numbers below and am hoping that some might have some advice on if this seems like a smart choice.HOUSE DETAILS.07 Acres, Built 1890, Paved Driveway, Asphalt/Fiberlass Roof, Vinyl Exterior, Unit 1: 650 sqft, 1 bedroomUnit 2: 1,200 sqft, 2 bedroomsRUNNING THE NUMBERSTotal Rental Income: $1,900Total Monthly Expenses: $1,730Total Monthly Cashflow: $170COC ROI: 6.1%The house is in fairly good shape.

However, the sewer hose leaked (notice the orange tape) and the bathroom shower drain was also clogged.

But would like to avoid all the red-tape if at all possible.  

You're young; too much red tape for too little benefit IMO.

Also you will want to hear tape wrap the hot water line and the drain line (especially the trap).

My second is not the ideal and best choice but doable with the type of area you work with which is self installation.New hot water tanks are about $400-$900 depending on the need for the client plus any pipe adapters for the tank if needed as well as paste or tape for sealing the utility pipes. the package include instruction about installation which was not bad out of a 5 point scale of difficulties i give it a 2.5 or 3.

How much red-tape surrounds that conversion process? 

The interest rates for banks are lower however, the red tape makes the process longer and is many cases jeopardies the deal at any time prior to closing.

The GoldMoney path is full of red-tape and speculation and fees.

However it is almost always because of an opening in the skirting or the heat tape did not work.