Secondly, purchase RV parks and convert them to mid and longterm renters while drastically trimming any resort type op ex costs.

If the property will cash flow at a number that meets my target then maybe it's worth spending $45K to convert the unit. 

I recommend drafting a new lease and dropping any language allowing your leases to convert to month-to-month.

@Susan Franke, I cannot speak specifically to your area, but I will say, there are many houses in Cincinnati (my market) that have at one point or another, converted into a multi-unit house.  

If you are converting a "non-restaurant" that can be $500k-$1mm build out. c) CAMs: since it is mixed use, who pays what for roof repairs, concrete work, etc.  

Timing the sell of cap. gain after being converted into a stock.

We also bought another property which we currently converting into duplex and hoping to hold this one long term.

When I say illegal I mean it's not zoned multifamily, and you aren't converting it into a plex or adu.

After moving out it would be cash flowing negatively around -$1,200/month before taking into consideration capex, maintenance, etc. but while living there and renovating the unit we will have gained approximately $125,000 in equity.Property #2: 3-bedroom unit with a separate basement entrance that could be converted into a 1-bedroom basement apartment, but in a slightly less appreciating neighborhood.

Until many of these areas convert to a LTR, get foreclosed on etc it will be like this for a good while.There is also the uninformed that will still buy in one of these areas and wonder why they aren't making money.