One cool thing about the 203k is, although the FHA loan only allows the property to be up to 4 units, you can actually buy a 5-unit or 6-unit and convert it back down to a 4-unit, and it will still qualify.  

We are going to to continue to hold and convert the property to a STR.

., at least a x by y inches box in the top right corner left blank for use by the courthouse staff who will actually record the deed).Once you have a proper deed document, ready for the seller to sign, you'd need a way for them to sign it before you give them the money (again, with the correct number and typeof witnesses/notary).

Rental#1: 2016 built as Primary residence and converted into investment in 2020.Rental#2: 2023 built home and bought in 2023 as investment property. 

Shouldn't have any issues converting it over to RD R-2 Medium DensityResidential District and can build 3 quadplexes on it. 

This would allow you to eventually plan strategically to move into the new house and convert your current primary into an investment property... to then 1031 into your next project(s). 

And since that equity will be trapped once your renovations are done, converting investment money into improvements on your primary doesn't feel like the best initial use (especially considering the huge up front cost of paying tax on the profit).I'd let the primary take care of itself. 

The property is a single family home with a separate entrance into the unfinished basement which will be converted into another unit.

Provides an option to convert to a fixed rate, which will be higher than the typical rates.

I just converted a single family house into a two family house is it worth splitting the utilities