Part of me wants to do this so bad but the numbers in this market are so tight and it only makes the 1% rule after my down payment.

Something else to be aware of - if this is a flip and was completed quickly (less than 90 days), you will need to watch out for the flipping rules with FHA. 

I have read about the 70% rule, but not sure if that applies to cases where large unforeseen problems happen.Throw any rule like the 70% rule out the window.

Consult eviction attorney regarding commercial; I'm specifically a residential PM and commercial usually has different rules because of the nature of the investment and occupancy (tenant doesn't [usually] live there)

Still boils down to will the developers go for it and will the market receive them well.Portland came up with some really high density rules to allow these little tiny home villages and the planners and city was so proud and a few developers tried them but the market ( buyers) dont like them and the projects have failed so no one is building them anymore.. 

It applies to urban lots under 5 acres, setting clear size and spacing rules to keep new housing functional and efficient.

Also, make sure you’re familiar with HOA rules if your property is in a community with one.As for vendors, we’ve found that networking with other STR owners or joining local Facebook groups can be a goldmine for handyman, cleaner, and pool service recommendations.

The rule of thumb is that you need to do this for at least a year before converting the entire property to a rental.

Many of them barely hit the "1% rule".2.

This rule has been phasing out and for 2025 has 40% of the benefit unless the new administration renews it.