FHA loan) and "house hack" for a year and eventually rent the property out.

We converted it into a rental and pulled out a HELOC to purchase this duplex with an FHA loan.

Purchase price: $113,000 Cash invested: $10,000 Sale price: $225,000 Duplex converted to Single Fsmily

Eventually you get to enough units where you don't need cash reserves per property but rather one lump sum and for the most part rent from other units pays maintenance on the one that needs a roof. but if you wanted a cheap answer, I'd say save up until you have about enough to replace the roof and stop there.

TIAI eventually will need help in refs for kick *** real estate agent, property manager and contractor.

Property is listed as a SFR but could easily be converted back to a duplex with separate entrances. 

Good to hear your company manages because I am a Residential Realtor in California looking to learn more about the commercial side and invest myself eventually.

I am not currently in Massachusetts but I should be coming back to the Cape eventually and I am hoping to start my business there.

You can install GFCI breakers or outlets and work around it that way and have your up-to-date outlets, but eventually....it will need to be updated.

This has been done with converted multi families, not sure about student rentals