Does anyone have advice on where to start, what resources to look into, or steps I can take to get into something like this?

Advice - coming / joining BP is a great first step!

Is it worth doing any work to it as an "owner", possibly me going the property management way, or just stepping away from it entirely until the deed transfer?

You know how to manage a property.To get started, your first steps should be getting licensed then meeting with a local RE attorney so they can help you get set up with your contracts, management and lease agreements, etc.

On the contrary, uncertainty is the breeding ground for creating wealth.The core of the issue is whether you are willing to step out of the traditional investment framework and explore new business models and market opportunities.

Aside from what everyone else wrote, note that adding units require various steps that you may not have considered (e.g., adding a new street address with USPS, etc.).

Hello,Great job on proactively creating value in your current FHA property!

Are there strategies or steps to mitigate the risk of new regulations?

The first step I'm doing is checking with the city zoning to see what they would allow before I get too deep with looking at plans, financing and construction. 

@Nathan Deutsch what are your next 3 steps in your investing journey?