@Bryan Zayac  In PA, there is a state document called the Municipal Planning Code MPC. 

There are some great suggestions here on down payment, interest rate, servicing, and underwriting the borrower.  

I will say, short term rentals require a bit more work, and if you are moving out of state, you may want to take a look into getting a property manager ( take that cost into account when running the numbers ).I hope that helps, reach out if you have any more questions. 

I should probably focus less on the highs and lows and aim for that average ARV per location and what buyers/renters are looking for. 

Now, seems like a simple task- take the old door off and put a new door on.

You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

Know your market cap rate and you can quickly determine whether property is worth a closer look. 

In other words, not resold to the government so the bank had more flexibility on the condition.I look at the original commitment letter and it states "xxx amount will be advanced at closing for the purchase of an investment property, and the remaining balance of the loan to be placed into an escrow account to be disbursed as improvements are made".No points, and only one closing, so I don't have to deal with a short term HML that I have to refinance in under a year.Hope that helps!

Looking forward to seeing what you accomplish!

I'm at one week since the conference and becoming a Raisemaster and not only did the conference really AMP me up, having the modules at my disposal over the last week has helped the momentum grow.