I wanted to ask if anyone has experience converting a living room into a bedroom?

Or we can meet up; I too am in the process of converting a passion, into a full time endeavour.

It seems like a school that got converted to apartment building (14 units) and also, it doesn't seem like a densely populated area also.

The converting the garage to an apartment would be illegal, and not something you should count on.

The area is low income, but high traffic and investors are actively converting homes into small multifamily units.  

The house is a 2 bedroom, 2 bath but there is a room that looks to have been converted into a small living area from what appears to have been a bedroom previously that I am going to turn back into a 3rd bedroom.

., that was previously converted to a physician's office 30 years ago.

Needless to say, they were not happy with my revised offer based on the real numbers and the deal fell through.When I did the due diligence, I went and talked to every tenant (there were less than 20) to verify the financials, walked every inch of the property to look for needed capital expenditures and deferred maintenance, talked directly to the utility companies...

@Tony HofferSince you already have individual 401k plan established you can easily convert that into self-directed Solo 401k and use that for alternative investments.

(I guess that debt has to be paid off by someone) I would love to fix up some of the abandoned communities and convert many to gated communities I just have to do more research and analysis on the economy/recovery.