Will the added units make the building call for fire escapes, and fire suppression equipment, or ADA upgrades, or an elevator, or upgrade the whole place to 2023 Electrical code or etc...Is there enough electrical amperage at the service entrance for the added units or will you need another drop or a transformer or something like that.Will construction noise drive other renters to not renew (???)

Hey All, I'm looking to network a bit with property managers with contacts in the STR space to learn more about their business goals and appetite for collaboration. 

It's all contextual to your market, your investment appetite, and your business plan.Here are a few keys things to consider:Your Market: As @Mack Benson pointed out, up here in St Paul/MPLS, most of our small multifamilies (2-5 units) were built nearly a century ago.

As for building out your current garage, or completely tearing it down and building a two story rental unit - this decision has to do with your appetite for risk and how much you are willing to invest in the property. 

We can all thank the Fed for suppressing interest rates for so low for so long.

My risk appetite is similar to yours in that I want my empire to be financially strong, and not awash indebtedness.  

Whether you work 20 hours or 50 behind the RE desk, you'll be getting that "in" and whetting your appetite. 

The problem with 4 units is many cities will require a fire suppression system that adds $$$ to the bottom line.  

Piggybacking off of Brian-Zoning and is there fire suppression in place and if not will it be required if you do convert it? 

Appreciate the comments Hey Mario, It might be that specific lender does not have an appetite for 5+ Units.