The intent is to convert the storage unit into a J-ADU, and the 5-car garage into two new detached ADU's.

Her and her bf plan on converting a section of the house to an attached ADU to help with bringing in some cash flow and renting out the other bedrooms to some friends of theirs. 

Purchase price: $199,900 My first real estate purchase, which I converted into a short-term rental, I rented for half the year when I was away.

To be refinanced using a conventional loan it would have to be moved to your name, assuming you're looking to convert the property as your primary.

They buy apartments with significant ratio of garages and convert garages to studios or 1 BR.  

I also converted my garage to an ADU (permitted) and is renting very well. 

Accept a $1,300,000 first lien note, payable at 10% interest only payments for 24 months, and convertible into a 15 year 11% note with 3 year interest adjustments with11% floor fully amortized.

The attached 2 car garage was converted to living space by the original owner.

Shes all in 160k, it better be in CH, South Euclid or best part of the west side.

To avoid an issue just refinance the property and convert to investment if you have at least 85% LTV.