You can check the zoning but if it's a commercial building that's an apartment complex or old hotel turned residential, you can do whatever and the city can't make you come under the permits they require for non-commercial STR properties.

Typically when financed housing (non-commercial residential RE) is the most expensive in inflation adjusted dollars for ~40 years, that is not an ideal time to buy a rent ready property off the MLS.  

Cash is KingCashflow is QueenLeverage is a Peasant Jokes lolLeverage is a good Peasant if you know how to put it to work 🤓

.”- Rick and Ricky, SFR gurus“We bought this house in Toledo for $31,500 and sold it 10 years later for $34,000”:-) sorry my Toledo friend :)@James Wise and I just did a video about the 3 step process of what it takes to succeed in real estate and how "You", yes "YOU" can also buy the same green sports car that I own hahahahaGuru'd lol What is with you guys and pants rofl, I can't unsee this Wearing pants to work is for peasants.

I get fresh leads everyday by posting quality, non commercial contemporary content on a daily basis.  

Actively licensed properties can transfer to the new owners but until about 100 sales or non renewals of currently licensed properties occurs, no non commercially zoned or non active rentals can obtain a new permit.

And we have non-commercial machines in the other properties that I'd like to convert to a pay per-use. 

multiple investment classes: non-commercial residential, commercial residential, self storage, MHP, industrial, office, merchant space, glamping and traditional camping, hotels/motels, raw land, lumber sales, mineral rights, etc.Your view is not enough opportunities, my view is there are too many to learn and understand.  

Slow and steady wins the race mate.Too many guru's and marketing companies pumping leverage to rookies because they make more money, the more somebody buys.Being patient and using all cash to begin is always safer in the long run.Build the foundation of your portfolio with cash and make it strong.After a few years, look at using leverage for faster growth.And only after you have experienced the true income and expenses of your portfolio and not just paper figures.Cash is KingCashflow is QueenLeverage is the Peasant Just my opinion 🙏

:) G'Day Zair,Just commented the same to another fellow looking to do something similar to what you are.I think that BRRRR from out of state is very risky business.If I was you, I'd continue immersing myself in everything and anything real estate related.Come back home to the US and start in your local market.Using leverage should only be reserved once you already know what you are doing and you have experienced the income/expenses over a few year period.I've always believe that "Cash is King, Cashflow is Queen and Finance is the Peasant" lolIn your local market or a market of your choosing you can buy, fix and flip or buy, fix and refinance.But I suggest you buy, fix and flip until you have enough cash reserves to buy, fix and hold without it affecting your cash position for future deals.Build a strong foundation without leverage and only then start looking to refinance or finance.30-50% of your portfolio should be un-leveraged.It's a slow process but all good things take time.Just my opinion and wishing you much success