The numbers with a 2 bed 1 bath and a 3 bed 2 bath work out pretty well at what the offer is. 

I'm working on a deal where I would purchase a re-performing note (10 payments on time after workout, so far) at around 50% of UPB. 

I have begun some demo as I started to work out the details but am thinking I should stop until this is finalized..

I’ve been in a great deal of them for work :) there may be a few extra square feet I could manipulate to squeeze something in on the first floor but the last time I checked my layout it wouldn’t work out with a first floor bath.

Keep me posted, I am interested to see how things work out.

buying quality and holding for 5-10 yrs always seems to work out. 

If you can give them what they want and they can gIve you what you want then you’ll be able to work out terms.

It is possible but you should probably try it first with a W-2 job and work out the kinks of the business before quitting and doing it full time.

Get a good team in place, have faith in yourself and everything will work out!  

There's a cost converting to, and another cost converting from.I would suggest that if there's a large enough capital expense to set it up, but it doesn't quite work out the way you hoped, just keep it anyway and eat the costs.