If anyone wants more info, DM me. 

Additionally, in the R-7 and R-8 Zoning Districts, you need a Conditional Use Ordinance from the City Council to authorize the conversion.

Some great info can be found on the PropertyInvesting.com.au forum and Somsersoft.comI use to be quite active on these forums before I moved to the US.

Are there additional factors you think are worth considering?

So now the city will have all your contact info and address. 

In addition, committing ~ $200K requires some level of sophistication on the part of the investor and you are more likely to find someone to agree to your terms in smaller transaction sizes, but even that will be difficult. 

Additionally, are there any other methods, approaches or strategies you’d suggest for someone just starting out in this space?

It is currently a glorified finished attic with little room- Use addition and raise it up and extend it to the side of the home for more finished space and room for deck, washer/dryer room etc- Make the living space as functional as possible with the added sqft- Add outside living structures like deckThis is a fairly wealthily area and I want to maximize my ROIWhat are some things you recommend for a large scale project like this and what are some hurdles ?

Given Covid related material and supply shortages, should I plan additional buffer time around my contractor's estimates. 

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.