I personally like House-hacking as primary choice in this market, followed by a light rehab BRRR, lastly would be flip or long term hold (unless you got a smoking deal!) 

We were high on adrenaline from the event but after we got home and the smoke cleared we realized that we didn't really need what they had.

Purchase price: $72,000 Cash invested: $40,000 Sale price: $180,100 I found this great little house coated in smoke but solid.

If it is mostly smoke damage to the interior it will be ok, but if the roof caught fire and burned away that's a whole different ball game.

We stopped by one of our houses the other day to check smoke detectors and asked if anything was giving them issues.

I have called out a couple of damages like smoke damage from the ovens, key replacement charges etc. 

But neither nearly as bad as yours - our biggest one was a kitchen fire that smoked out the whole house.  

By changing any of those, you then are required to update the code for the room, which would most likely add to your list the requirement to add a smoke detector, which may not already be present in the room if it is not a new home.Now, that is the RIGHT way to do the conversion. 

Welcome to the forum Yannick,I smoke a lot of cigars from the Dominican.A very pleasurable smoke indeed 😁

To my understanding too, you can rent your property out while you wait for the inspection and results, and if you miss some items on the inspection they're pretty easy to work with to get it remediated (In my inspection I was missing a smoke detector in the basement and they let me send photos when it was installed).