I have a tenant that went through changes in life and a lot of stress, she was going to move out and find apt that is less costly, she is been always good to us, so I said I would help her to go through the transition, and assisting her for finding new apt, just for less than a month, her situation improved and she decided to stay.

I hope that you are successful in this transition.

Its called Sullivan's gulch, its close to transit, grocery, city, etc.

Anyway, I’m planning on holding onto it, so let’s move along.General expenses: Property inspection: $425Flights/bags/ground transit for 2 people: $600Service main water valve: $389Service 2 furnaces: $200Paint materials both units: $370Cost of hiring friend who came along and worked 3.5 days: $500Total random home depot materials including light fixtures, electrical gear, primer, brushes, locks, light bulbs, tools, drywall, tape, etc: $1,820.Total: $4,304Unit 1 - Down Paint labor bedrooms, bath, and kitchen: $0 (friend from out of town did it for free)Installing fixtures, switches, outlets, cabinet knobs, doorstops, blinds, towel racks, bathroom mirror, caulking, etc: $0 - did it myself.Estimated cost if contracted: $1,500Unit 2 - Up Labor to strip wallpaper, repair drywall, sand, prime, and paint full unit (contracted out): $1200Installing electrical outlets/switches/fixtures: $125New electric stove: $200Refinish bathtub: $300Pull carpet: $250Total: $2,075Estimated short-term costs (<1 year) New roof Spring 2018: $8000Gutter cleaning and repair: $300New Floor in kitchen (estimate): $500Total estimated costs: $8,800Year 1 non-recurring costs to make it rent ready: $91,979Estimated mid-term costs (1-5 years) 2 new furnaces: $55002 new hot water tanks: $2000Misc: $1,000Total: $8,500*After the tanks/furnaces get replaced the building should be rock solid for 10-15 years at least, assuming no major disasters.Monthly expense breakdown: 5-year private money balloon loan on $87k over 20 years: $574Property tax: $215Insurance: ~$100Water bill: ~$60Sewer bill: ~$40Garbage: $16Rental registration: $6Lawncare: $40CapEx: $100Vacancy: $75@ 5%*I’m self-managing, therefore I’m not yet factoring in property management.Monthly Totals:Projected rent: $1,500 ($750/unit, but will shoot for $775 initially)Expenses: $1,226Cash Flow: $274/monthCash on cash return: infinite (more or less)ROI based on $18,000 yearly at $91,979 initial cost: 19.5%NOI: $3,288About the loan:I don’t qualify for bank financing since I’ve moved countries and jobs so much in the last couple years.

BP crew,I plan on transitioning my personal residence SFH (3/2) into a rental within the next 6 months.

I'm sticking to my base of turnkeys until I have a few thousand of passive cashflow then I will transition to more application type plays.

After the 10th, you will need to transition to "commercial" lending where money is still readily available, but terms are not quite as sweet at Fannie/Freddie. 

If the tenants are on longer term leases, you will need to honor that lease to its conclusion, or negotiate to transition the tenants over to your lease by mutual agreement.Remember, you will be taking someone's home away from them, so be kind.

I also want to know how to make this an easy transition from a Co-OP to a rental asset?  

There are a few other co-working space on other parts of town, most of which still have some co-working, but have made a transition to single offices and suites for small companies.