Also, be very careful buying a condo as they are almost always in an HOA or governed by strict CC&Rs.

Also, any structural alterations, such as demolishing or adding walls, must strictly adhere to their guidelines, which I assume you'll need to consider for your conversion project. 

There are strict steps to follow though.

If you follow it strictly, it would cause you to buy properties in very bad parts of town.

Do a strict analysis and decide if this property is worth keeping.

Strictly rental revenue.And beware of PMs out there that offer you a cheap % management fee, only to charges guests $ hundreds in extra fees (booking, damage, cancellation, etc.) that they pocket and don't share with you. 

The biggest thing I have learned on this journey has been just how strict you need to be with GC's.

They invested time and money to obtain theirs.Yes, sometimes the policies are too strict and the charges are excessive - but an expectation of free service and advice, no matter how quick it is to administer, is wrong. 

Are you wanting to do any fixing (through BRRRR) or just strictly buy and hold? 

Strict lead laws.