Should I convert to efficiency apartments?

[Peter Fife]

I'm under contract for an apartment that has 20 bedrooms. 15 of which share 3 communal bathrooms and a kitchen and are all upstairs (2 stories total). I'm wondering if someone has ever had a deal similar to this where they converted the bedrooms to efficiency apartments and how much it cost them. I know the plumbing and electrical will need to be redone, as will the general layout of the upstairs to accommodate the added kitchens and bathrooms. Total square footage of the upstairs is roughly 4000 sqft.

I'm getting this deal for what I consider to be a steal. in the past I have fixed all of the properties I've had myself, but this is much too big a project. I'm located in Utah, but this deal is out of state in Texas. I've doen out of state deals before, all of which needed rehab, but none on this scale. First time for everything right??

So again, anyone have experience converting a bunch of rooms into efficiency apartments? Any help is GREATLY appreciated!!