Then the walls for the living room and bedroom rooms fold out.

If you like the margins, go for it. 1 thing though, double no triple check your rehab & ARV numbers.

The guy I’m working with I’m nearly positive has some investments under his belt as well as one of the top agents in the state and I figured he was the main source for that but just double checking. 

After 12 months, you've met the occupancy requirement on your deed of trust, and you can convert the property to a rental property after that.There's nothing in the Fannie Mae/Freddie Mac guidelines that says you can't rent out a 2nd home when you're not occupying it, and you could rent it out as a short-term rental or long-term rental when not in use (double check the local laws regarding short-term rentals). 

I can't do central AC with no furnace, and wall mounted mini splits will look terrible.

The other apartment windows & balcony facing the bedroom will not be as appealing as some of the other photos offered on the listing.Also, the first 5 photos are the most important.

This would effectively double the income I am currently receiving from that specific unit.

That said, over a long time horizon, and for investors who are willing to take chips off the table and not continually double down on PML, it's a great return and the spread is large enough to make a big difference.

.• Have no more than three bedrooms at the property, which would include the homeowner’s bedroom.• Be located at least 660 feet from any other short-term residential rental, as well as 2,500 feet from a resort hotel.• Be in a zoning area that allows short-term residential rentals.• Have written permission from your Homeowners Association (HOA), if applicable.

Double deposit.