I actively participate in Bexar County and Texas County and have been since 2017.There are some true statements and false statements in the comments.

When interviewing a PM company the key items to ask are *How many properties like mine DO you actively manage?

Conventional mortgage will not work as it is a commercial property turning into a residential with no active kitchen. 

Passive Activity Loss RulesIf you are a real estate investor that doesn’t qualify for REPS status (discussed in #5 below), understanding the Passive Activity Loss rules is crucial.

Operators of very small homes are taking home strong 6-figure incomes.It's essentially recession-proof as the supply of aging baby boom seniors needing care will be in place for the foreseeable future.Residents of an ALF are generally in need of assistance with "Activities of Daily Living", called ADL. 

Hey @Jan Halasz,I am active in Des Moines. 

Definitely not too late, but it may make more sense to be in passive investments versus active.

I run one of those homes as a STR.We're now back in California but I stay active in the Detroit market and help a lot of (primarily OOS) investors be successful there.All that to say... be open to your region in general.

Typically lenders want to see activity in the last 2 to 3 years. 

We have been actively involved with the entitlement side of multi-family investing.