This includes converting it to a rental property or refinancing into a different kind of loan. 

The good news is that these properties can indeed be purchased for various investment strategies, including rentals, BRRRR (Buy, Rehab, Rent, Refinance Repeat), or fix-and-flip projects.Purchasing as a Rental or for BRRRR:You can acquire a Freddie Mac home to hold as a rental property or implement the BRRRR strategy.

@Vernon Welch II most tenants offering to pay their rent upfront are trying to compensate for negative qualification issues.NEVER override your screening process just because someone offers to pay several months upfront!

If we were to find a duplex/triplex/fourplex that met our criteria, I was thinking about maybe owner occupying one of the units in exchange for being able to use the 203k loan - for not only cheaper financing but 3.5% down + being able to include fixup costs in the mortgage.

32k or even 42k on a half million dollar house doesn't sound all that good.What's your projected cash flow after all your expenses including a likely higher mortgage payment than the current owners?

Portfolio = Income derived from financial instruments like dividends (including REITs), interest, royalties, and capital gains.Mostly income w/out loss potential, and favorable tax rates.Cap losses may offset cap gains w up to $3,000 loss.

Everything should be done in hosue, including owning the property, renovations, and management!

But I agree with @Stuart Udis - when making offers on occupied rental property, I always review the Financials including the RR & T12.

Which is easier to deal with than a non paying tenant.Once they're gone, you'll need to tighten up your screening process or find a PM to take over.

Quality over quantity.7.Master Delegation and Automation: PM is a complex industry with many moving parts—marketing, maintenance, leasing, screening, and more.