Your financials are too tight to not have predictable cash flows on this property.You also could lose the home sale exclusion if you convert your former residence to a rental.  

Which inspired me to converted one of my rental and do airbnb in San Diego since Nov 2018.

I think a lot of the neighborhoods are mostly single family homes and the rentals are more apartment complexes instead of  duplexes/triplexes that were built or converted & split from single family homes. 

The other duplex is a modular home converted into a duplex.

He asked me how he would go about raising the rent, and possibly converting the lease to a paper contract agreement.So my question to you is the same.

So many "cash" buyers have commercial lines of credit, Home Equity Lines of Credit (HELOC), even credit cards with significant lines that allow them to convert money into cash quickly. 

There would be additional review at this point: ordering the appraisal, downpayment requirements, and the paperwork for the rehab draws and terms.The local banks I've worked with required 25% down on the purchase price, the rehab was done in drwas after the inspections, but all one closing and then the loan converted to a permanent loan once the draws were complete.20 year term resetting every 5 years, for me.  

The tip of late on taxes being highest stress and converting to deals comes from my research not my first hand experience.  

Looking to convert to student housing ie all undergrad.

Looking to convert to student housing ie all undergrad.