I know that the regulations in Beverly Hills is "friendlier" to landlords than Los Angeles and I'm exploring the option to convert a multifamily apartment into condos. 

When you own a couple of units, the odds of there being unexpected vacancies that overlap each other are usually low, but when you acquire more and more real estate, the odds of tenants moving out around similar times increases. 

Because they cannot afford the house or mortgage payment, and in many scenarios the rent payment is going to be the same or more than the mortgage payment.

In real estate, you need to start doing sooner rather than later to be successful. 

I am confused, how there are options available today that does not comply with city rules (ceiling lower than 7ft)?

@Collin Luckett  Just adding, if you have the ability to fund with your HELOC, it would be far cheaper than PML or Hard money. 

Most lenders will let you do more than 1 at a time.

I have been part of a regular meetup for a couple years now and it definitely helps ground you in your local market.

- Usually a 5 unit with a boiler means that all the units share the boiler heating system.Which specific utilities in which units are paid by tenants vs shared?

Now less than a year later, the property is being sold as a duplex and everything on the city and county’s website said duplex.