The third, I think I will break even or small profit, but it will be on the longer end of the hold, like 7+ yrs overall.I have not had any additional capital calls.

In addition, committing ~ $200K requires some level of sophistication on the part of the investor and you are more likely to find someone to agree to your terms in smaller transaction sizes, but even that will be difficult. 

We didn't need to rehab except for a couple units when they became empty and we used cash flow (so no additional capital needed).The rents are now $10,700/mo and we are cash flowing well. 

Additionally, in the R-7 and R-8 Zoning Districts, you need a Conditional Use Ordinance from the City Council to authorize the conversion.

I have thought about renting out my primary residence because I could potentially have someone else paying my mortgage and the rental income would pay the mortgage and also put about an additional 600 month in my pocket.

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

Even if you had to exceed that, as single you could convert an additional $485,050 above the $63,350 (or $503,350 if married) and you’d only be taxed at the 15% LTCG tax rate (not counting any state if applicable).Each year I’d get my taxable income as low as possible to give myself as much ‘room’ as possible in the 0% tax bracket and convert the max amount possible.

Lot next door- possibly building additional home someday.

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New roof, interior & exterior paint, finished additional living space What was the outcome?