But I haven't traveled widely so I honestly don't know how prevalent that is.It's worth a visit if you're able (google RIREIG); the first meeting is always free.

@Elliot Savin the situation is prevalent enough, a lot of the folks on BP making a living doing exactly what you are looking to do.

And it's become way more prevalent in the last 2 years! 

So, the cautionary tale here is that those vague weasel clauses that are prevalent throughout lender-favored loan documents can come back to bite you in a big way, especially when in the hands of a note holder blazing a new path that nobody else agrees with but they have the weasel-clause-endorsed right to do so.I will need to look hard into refinancing. 

I imagine that there is a blend of both, but which is more prevalent?

This crowd is prevalent on BP but can sometimes sound like your grandparents who, having lived through the Depression, never trusted banks again.Still, that doesn't mean they are aways wrong.  

Apparently some of the neighborhoods where multi family homes are prevalent have a higher crime rate so it was decided that forcing the properties with 3 or more units to remodel to 2 unit properties would somehow rectify the situation.

You can convert a property that is zoned as multi into a single family residence and this is becoming more prevalent in up and coming areas.

I know there are some legitimate wholesalers out there, and some that I respect because they have integrity, but as it has become the most prevalent "get rich quick" idea in real estate, and so many people have started doing it, regulation was in order eventually.  

What are the prevalent rents in this area?