Navigating the zoning requirements, dealing with Maryland Historical Trust limitations on what can and can’t be done to the property, and the financial burden of renovating the property to meet these standards have left us trying to figure out the best strategy so the property doesn’t just sit unused.If we decide to sell, we anticipate pricing it at around $70-$80 per square foot, which is an incredible deal for a property of this nature.We’re reaching out to see if anyone here might know of potential buyers interested in this unique opportunity.

Hard surfaces like LVP, tile, hardwood are easier to maintain long term and tend to last longer. 2.

@Robert Rixer, I don't know how creative these are, as many are common plays:Valet TrashFencing in first floor yardsProviding washer and dryers for added rentReserved, Covered parkingTech PackagesInternet and Cable contracts, with reimbursementsPayment Plan rents, with small service charge (i.e. bill 1/4 rent each week)Reserved Rental cabanas at poolPrivate pool party rental optionGolf Simulator in clubhouse - fee basedOn site, self serve car wash (quarter feeder style)Charged group fitness/personal training servicesGame room in clubhouse with monthly subscription for tenants (Xbox, Playstation, etc)Changing out high maintenance grass for astro turf or lower maintenance/lower water use shrubberyBut ultimately, I think a lot of NOI increases come from deep dive into understanding EVERY expense and finding ways to minimize them, and/or no outsource them.Train maintenance team on basic HVAC and appliance repairs (find way to get them licensed as needed)Buy paint sprayers for faster, easier turns versus having to hire a contract painter, and possibly repaint whole unit each timeStandardize all finishes, so you can buy in bulk, everything from hinges and door knobs to cabinets, paint colors, and light fixtures.Potentially get leasing people onto lower base salary with higher bonus potentialBulk/bundled insurance across portfolio (even better at scale is to self insure)Regularly test sprinkler systems for leaks.Non-NOI, but benefit to you: partner with insurance agency to get referral kickbacks from your tenant base for renter insurance.  

@Gene May Creative financing is a big arena. it can be easier or it can make it more difficult. 

I am thinking of converting it to a regular apartment so rents can be raised easier and increase the sale price in 2-3 years. 

Even as we get efficient and effective buying solo, getting it to our advantage with price reductions and concessions used to be very tough but should get easier with the new (about time) rules of buyers being responsible for getting their own agent paid.  

It's easier to show than it is to explain. 

You could try to do a 1031 and roll the proceeds into a house hack.Your idea of a HELOC is quicker and easier, but you'll get less proceeds.Good luck

I live on Long Island, so investing out of state would be easier point of entry in terms of cost 

if the building is 10 units or less we have an easy loan no need to show income, easier.