You could convert them to a DSCR loan but then transfer them to a LLCWhat we have done is save for down payments and renovation costs, - buy properties that need work rehab them and then refinance them out making sure it meets our dti.

Quote from @Jason Wray: Yes, you can use an FHA 203K program or even convert it to Fannie mae and use a renovation loan if the LTC/ARV allows.Cool thanks for the info!  

Rufo, so you are violating the HOA rules so I don't think they would cover anything if it is the fault of your guests.This will eventually catch up with you and could result in some big fines so maybe think of selling this or converting to a LTR instead.

My question is, does anyone know if it is possible that I can convert the building into a 4 units apartment with that Mixed Use zoning or do I have to request a change of zoning?

The rental is currently cash negative and our thought is by converting the unused storage unit it would bring cash flow into the positive.

Rent for a few years and convert to primary.Next Step/sHow do we shift while keeping AGI at lowest levels?

My idea to achieve this is to convert the studio into a short-term rental.I’m trying to determine if I’m forcing this deal to work by relying on the short-term rental strategy or if it’s a reasonable approach given the numbers.

Start by leveraging what you already have—consider tapping into equity through a HELOC, house hacking again with an FHA loan, or increasing cash flow by converting a unit to a short-term rental.

I do not believe converting to condos would decontrol the building.I own a 4-unit multifamily in Union City and am considering condo converting it at some point in the future, though I do not think rent decontrol would be among the potential benefits of the conversion.

- Value add - How much does it cost to convert Non-climate controlled units to climate controlled units?