Thanks in advance,TravisTravis, Of course you don't need to bring the stairs up to current code unless you are doing major alterations and the inspector requires it. 

During my time off, I didn’t want my trajectory to alter and I decided to dive into real estate investing head first.

If the owners fail to maintain a formal legal separation between their business and their personal financial affairs, a court could find that the corporation or LLC is really just a sham (the owners' alter ego) and that the owners are personally operating the business as if the corporation or LLC didn't exist.

With minimal alterations a lot of homes in certain neighbourhoods can have a 4bed upper renting for $3k, and 1 bed basement for $1300+. 

You seem like you are off to a great start, But Feel free to reach out if you have any questions.As for the Fun Fact: When I was 13 I threw up on the alter at my church

Are the properties altered significantly so that if the business decides to leave at the end of their lease it would be expensive to convert it back into a SFH?

Must’ve been regarding a different type that was altered.

@Adam Philpot, as others have mentioned, you'll want to check with the municipality on any restrictions to use and alterations.

EX: Zoning, Code Compliance, Layout, Egress, ADA requirements, Etc.I am working on a couple of these type projects currently and a project specific review/feasibility report will be necessary for you to determine both if you can convert and the level of alteration required in order to do so.

Additionally, a large storm could alter the national insurance program for these homes (or even eliminate it) so that has to be factored in under "risk", also.