If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Very few allow any subordinate financing below their note but I do have ONE that allows 90% CLTV (they loan 75% and allow you to secure a 15% seller carryback as long as you come in with 10%). 

I know most BP note investors deal in SFR notes exclusively, or at least mostly, and for myself 98% of my note investments are notes secured by commercial properties.  

Now, I'm imaging a scenario when every one of these tenants move out that I'll be paying their entire security deposit + interest even if there are damages beyond normal wear and tear. 

Granted, I am a part-time flipper, but most houses I see the pricing does not make sense for what I have to pay for labor.  

Cut out the typical 9-5 well for me it’s 48-96 but also give us a security.

Security brought some learning lessons for us.

1099, social security, trust payments, annuities, etc?

They need a contract with email addresses and social security numbers to provide the amount.

Also, important to confirm they will be warrantable condos for end buyers otherwise it will be very difficult for end buyers to secure financing and thus purchase the units.