My concern with selling is 30 days is a pretty short timeline to try to sell (I'd guess you have an extra 30-60 days before everything goes through)....If they deed back to the seller, I'm sure there would be a way to convert it to like a master lease with an option to purchase? 

i don't have an answer for you but just wanted to say to check with the building/zoning/permitting dept to even ensure you can convert this property to a legal 2-family!

Recently, I have made the decision to wholeheartedly commit myself to this journey.My current plan is to invest in a multifamily home for house hacking in my local area or perhaps a single-family property with an unattached garage or basement that I can convert into an Additional Dwelling Unit .

I'm looking to convert my IRA (just rolled over my employer 401k) into a self directed IRA so that I can invest in real estate through that vehicle. 

The house is a five bedroom could be converted into a six bedroom three bathroom house about 20 minutes from downtown near schools in a secondary suburb.

I've even seen distressed multi-families in some of the better neighborhoods sell to investors who convert them back to single families. 

Would reaching out to a real estate lawyer or architect be better to see if it's possible to convert to a legal apt?

The most recent price I just got to convert an existing space into a studio apartment was for $150,000 to only be able to get about $900/month rent.

If you're marketing to mom and pop PMs but they only have 5% of the total market share then even if you converted every one to your company, you've only grown by that 5%.

Look for churches, daycare, elementary schools, dental offices, etc that can be converted to housing.