Any suggestions for this? 

Quote from @Jamie Parker: Quote from @Luka Milicevic: Quote from @Jamie Parker: Everyone gave great advise, I would not use 70% when you start to get to the granular numbers.

Off-market deals are key if you go this route, so networking is huge.Out-of-state investing is another option people love, especially in markets like PA (Philly, Scranton) or even down south where prices are lower, and the landlord-tenant laws are more forgiving.

One-person rental units are in the highest demand, and co-living directly appeals to this market.

Would definitely recommend finding a partner who can help walk you through this if you decide to move ahead. 

This conversion will begin at the end of the month.I am just sharing the above to give context to my level of experience with this type of investment.I look forward to hearing from you all.

Quote from @Chris Pontello: Hi Chris,Correct me if I'm wrong as I'm still learning creative financing solutions, but paying them some money would be if I could take over the loan.

Hey Christina- Was just curious to hear if you learned more about this and if you and your husband pulled the trigger on something yet?

Normally this would be taxable. 

We don’t know any PMCs to recommend in the Cape Coral/fort Meyers area, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.