Just run the numbers, and see what your cash flow will look like after the conversion and other expenses. 

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

Do you have enough time in these that you can show consistent trends in expenses and vacancy rates? 

They follow a straightforward process that has proven successful throughout history: increase earnings, reduce expenses, save as much as you can, invest as much as you can, and wait patiently. 

Joe, I've replaced five roofs in Mississippi and the most expensive one was 10K and that house was over 2200 square feet.

It's just expensive.

Work a 2nd job, cut back on current expenses?

Usually holding costs and lost opportunity costs far outweigh the gain in sales price.I would also have multiple exit strategies and if prices dropped more than I wanted could I keep it as a long-term investment and have the rent cover my expenses.

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

Renovations often come with unexpected challenges and expenses.