I would recommend house-hacking or partnering/mentoring to get a better understanding of real estate on your first deal. 

I tend to do a quick dirty look at a building like JW with price per door, but after that sniff test, I quickly like to understand $Cost/SF and $rent/SF.The way I look at a single family, 2-4 units, or a 20 unit is all different, but the end result is still ROI or IRR (over time). 

I understand I will need to pull a permit to add shower area in the third bathroom but would a permit be required for the three additional rooms, especially given I will not be adding any new sq ft to the property?

However, their terms involve a 20-year amortization, a 5-year ARM, and a rate of prime + 0.5% thereafter.I’m exploring other options for financing and would appreciate any suggestions or advice.

It’s worth understanding their opinion and sometimes this kind of request means they see more potential in the deals than they’re letting on.

Also any recommendations on any learning docs available to understand SDIRA betterThanks Is there a reason they have to be local?

A good lender should understand that.

Thanks ChrisIt would great if you could help me understand the type of data analysis needed and if you need such service which I can be of help.

So to understand why I would do what I'd do if I was starting today, I think its important to understand what I did do. 

Some quick googling suggests the answer is yes provided I don't rent it out more than 180 days for the first year, do I understand correctly?