This sounds like a solid return!

Cash flow is mostly non-existent now, unless you find a great deal. 

That means either you won't cash flow or your Return on Equity (ROE) will be terrible.Since this is your primary residence you'll be exempted from paying capital gains taxes when you sell.If you sell to your parents, it will be considered a non-arms length transaction and will get closer scrutiny.

Your reporting on your federal return shows whatever recognized gain is recognized. 

What exactly would make a city board approve non-affordable (i.e. not Section 8)  apartments?

Of course, with private lenders, you must give up equity or a return on the debt.I agree with @Jonathan Greene that the BRRRR market is difficult right now.

My list was rankings by dollar amount and number closed Nationwide for past four quarters for NON QM lenders that do DSCR.

Not what we are looking to do and all the MLS listings just don't pan out numbers wise so far.That's awesome that you got some returns on flips and found some buy & holds recently. 

The number of calls you make, are only important if you are guaranteed a specific dollar in return per call. 

You won't be forced to de-convert unless you have violations...eventually the city will start fining you.Very critical terms are non-conforming (no violations - grandfathered in) vs. illegal (violations)...