Here's how it typically works:Purchase a Property: First, you'll need to buy a property with a basement that can be converted into a livable space.

I plan to sale or convert it to a STR/MTR this summer.

Now, as you see a BIG factor is how gross revenues translate into NET revenues, rent's paid converting to profit's in pocket, cost of $ has big impact when cost of $ has big changes. 

The brokerage you work for would want you and perhaps even require you to try to convert that into a listing because the brokerage wants to be paid their share as well.

I am putting together a business model to convert a single family home to this type of facility and have an idea of the qualifications to get this running.

all good sources but in the end you need to focus on becoming good at converting a particular type of lead.

Goal (in order of priority): 1) Convert upstairs of detached storage unit in back into 3 bed/2bath (for the downstairs, keep as garage on one side and rec room on other side), 2) convert detached garage in front into 1 bed/1bath for our grandma, and 3) eventually add a prefab home on the lot.From our research so far, I believe we'll have to do an SB 9 lot split in order to legally build all structures (but we're not sure if we want to do this now, or just convert the back unit into an ADU first then do SB 9 later).

I wouldn't do just a condo. you could build your own triplex and convert to condos as a "development partner" or on your own if you aren't experienced and full return of capital. my suggestion would be to invest near the urban core over suburban deals and avoid older housing stock like columbus has more than 100 year old houses. anything pre 1950 I wouldn't touch 

Hello Beth, this is where the learning takes place, the more at-bats you have with this type of potential client gets you prepped and that is how you can convert more sales.

As an example in a different real estate “product”, we owned a 70 unit motel that we had converted to mostly low income housing.