A year later, we converted the property to a duplex (we needed a minor variance from the Committee of Adjustment, got refused, and I successfully appealed to the OMB).The reno to convert to a duplex legally was $50,000.

You could put together an offer on contract where they technically own the house until depreciation ends and then it converts to seller finance and they hold the note.

I am looking at putting an offer in on a property in my town, it's a triplex that was originally a home converted into 3 units, built in 1920, with new roof, siding, water heaters, electrical and Plumbing. 

An inch quickly turns into a mile in this business.

Consider finishing several inches of the outside edges of the treads and risers, and doing a carpet runner in a simple but very elegant material, different from the upstairs, maybe in a subtle pattern.Then, gotta replace all that outdated tile in what I assume is the entry, and make that guest bath an absolute KNOCKOUT! 

And many times, you can get non-compliant tenants to move out before the eviction process plays out by talking with them.I am not aware of a way to account for tons of pets unless you convert the property to a pet boarding business.  

Sure, you can classify yourself as a real estate professional or setup a property management component and pay yourself a salary that could convert that passive income to earned income, but it generally does not make sound financial sense to do so.The gig work could potentially support a Solo 401k.  

Hey all,I'm in the process of buying a property that is occupied by 2 different families - one in the main house, and one in a converted garage.

Sherman Bridge has a "landlord" product where you get a 3-month HML and then you work directly with them to convert it into a 30-year fixed. 

Maybe even converting from a 2 bed to a 3 bed.