All, I have a duplex and thinking of converting it into two condos.  

Lots of these smaller philly row homes are actually being converted from a 3 bed 1.5 bath to a 2 bed 2.5 bath and are getting a lot more success on the rental and sale sideBecause 1100sqft in a rowhome style is super tight and that 3rd bedroom really loses its use to its size. some of these spaces can barley fit a twin bed a dresser.

I am in the process on closing on a short sale. We plan on taking about 3 months to renovate then I would like to get a mortgage on the property. I cannot seem to find any information on if there is a waiting period, ...

Purchase price: $310,000 Sale price: $528,000 SFR purchase converted to Novation Agreement.

I usually convert all my clients into landlords. 

and convert one of your rentals (or a nice rental you buy with a 1031) into your new primary. 

Assume there is an unused space/large closet/whatever that can be converted into a bedroom.

There are operators who are looking for investors to purchase care homes and there are investors converting large properties into care homes and bringing in operators.

The second floor has 3 bedrooms and 1 bath.My plan would be to convert the garage and living area on the ground floor into additional bedrooms to make 6 rentable rooms ($6k per month total revenue) with shared kitchen.

So I found a for sell by owner property that is a mobile home that has been converted into a two unit duplex (units have been furnished by owner).