@Emily Gowen so as you pointed out you would not have to do a 1031 exchange on your current home to avoid the capital gains tax and coupled with what Dave Foster pointed out I think, speaking from experience you would have a high likelihood of success. 

I'm calculating which markets are the hottest and going after them. 

Tips for Finding an Experienced Mortgage BrokerNot all mortgage brokers are created equal, so choosing the right one is critical to your success.

The partners between a realtor like myself (proficient in renovation experience), a general contractor, usually a loan consultant to support the buyer and the lender, (along with a buyer and seller of course) are the parties involved.I come across so many homes perfect for 203k or HomeStyle buyers, on and off-market, it isn't funny.

Exit StrategyResale Planning: Research market trends for optimal selling timing.Long-Term Investment: Consider retaining the property as a rental post-graduation.Marketability: Choose a property with appeal to future students or young professionals.By following these steps, you can make a well-informed decision and ensure a successful investment that benefits both you and your student during their college years and beyond.Peter Derry PHD Properties 

@Blake Johnson If investors want to divide real estate holdings without triggering a large tax bill, the biggest challenge is that transferring assets out of a corporation is typically treated as a taxable sale at fair market value.

Great point about different states and markets having different laws about using evictions as a reason for denial! 

Has anyone here been successful in permitting a conversion?

As someone who occasionally works with these investors, I always try to emphasize the challenges that come with real estate like managing renovations, dealing with tenants, and navigating market fluctuations.

Plenty of 50-60% leverage loan options for developable land, and may still be more marketable to the LP if you went that route even if it meant incurring some additional finance charges.