Yes, most lenders will require you to live in a primary residence before moving out, refinancing, or converting into a rental.

Most hit all the bullet points excepting:Spending $175 on renovation and adding square footage or unit count does NOT miraculously convert to valuation.

Years ago, a friend of mine took on a similar challenge in an older neighborhood near Chicago..he opened up the top floor to create a master suite that felt less like a converted attic and more like a boutique hotel room.

But if so, you don't have to convert your LLC to an S-corp (or create one) in December.

I would like to buy a multi-family and convert into micro units to maximize revenue.

I am at this writing currently selling a 35 acre tract to a big developer who is converting the local golf course here in Oregon that was zoned Open space.. they have been successful in getting the rezone..

You won't be forced to de-convert unless you have violations...eventually the city will start fining you.Very critical terms are non-conforming (no violations - grandfathered in) vs. illegal (violations)...

However, if you demonstrate that you're abusing FHA loans, such as getting a new loan after six months because you converted the property you just bought into a rental without a reasonable explanation, then you could have issues. 

However, after seeing what we could offer in terms of amenities, location and service, they happily paid the premium rent associated with renting from us.I am not a natural salesman, but reading books on marketing, sales and hospitality has greatly improved my ability to convert a lead.

This class will include hands-on deal analysis and a tour with a contractor to learn how to convert a home to the optimal PadSplit setup.