Due diligence is so incredibly important.

It sounds like you'll appreciate quite well and have an incredible rate.

From a lender's perspective, that type of loan would be so incredibly complex that it would have to really be worth the lender's while to even consider doing it.

Glad you are a motivated investor willing to take action towards aggressively building your rental portfolio! 

For anyone who has read my last few posts; I've been struggling with finding funding for a deal in my pipeline.It's an incredible deal: off market, with insane value-add potential, motivated sellers, under market asking price, and the ability to cashflow $2k+ after rehab.

The majority of mortgage borrowers today have rates below 6%.This means that sellers have to be VERY motivated to sell. 

I would go with a company who has multiple properties under management (ideally over 500 to really get the benefits a scale, think cheaper maintenance visits, experience placing tenants, lots of investor experience, ability to find deals within the brokerage, massive marketing channels for properties, systems in place to handle problems, experience handling a massive amount of problems, discounts for bringing multiple properties to manage).Also, make sure your property manager is motivated, experienced, and growing! 

The key issue, in my mind, is that syndications are motivated to *transact deals*, in good and in less good markets.

Building Codes and Permits: Insights on navigating local building codes and securing permits for this type of conversion would be incredibly helpful.Potential Pitfalls: Are there any common issues or unforeseen challenges I should be aware of when undertaking a project like this?

Steve Ellis is absolutely incredible, his customer service is hands down best in class.