This process has very strict rules and required a professional middleman called an intermediary.

The difference between 70-75% is not insignificant, but 75% with a 740 should get you around 7.5%-7.75% pretty routinely while at 70% I'm starting to see some groups sniffing around low 7s to minimum note rates showing a 6-handle. 

Be cautious of cities that aren't proactive in job attraction; too much growth can lead to strict building regulations, affecting housing value.Other Factors- Favor cities with a crime index that has consistently decreased over a decade.- For appreciation, I look for a minimum of 2.5% YoY growth in median house values over the past 20 years but I don't use this explicitly in calculations.

Tenants must know and follow these rules for property maintenance and repairs to avoid legal or financial issues.Best Practices for Landlords:Define Maintenance Responsibilities: In the lease agreement, it's important to clearly outline authorized maintenance tasks for tenants, detailing responsibilities to minimize disputes and foster a transparent landlord-tenant relationship.Provide Training: Landlords can offer training to improve property maintenance and foster a positive relationship with tenants, empowering them to take better care of the rental property.Regular Inspections: Schedule routine property inspections to proactively identify and address maintenance needs.

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.

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

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

Not profit potential - strictly income.  

Tell them you are the landlord not the housekeeper and routine housekeeping is their responsibility.