Mainly looking into flipping some houses and also small multifamily properties as long term rentals. 

Once again, the main concern is a decreased living expense, but I also want to purchase in an area with long term appreciation potential.

My main focus is finding leads or deals.

@Rick Albert has answered the main points that you have to consider. 

Main project was to take out the old boiler system and upgrade that for the radiant floor heat.

They are major BRRRR projects with the main exit strategy being to hold as medium term rentals.

I thought about maybe converting the living room with a fireplace on the main floor to a 3rd bedroom, but I'm not sure if the HOA would allow such a big change to the layout.

Mainly, my question(s) is: Has anyone else experienced this?

I don’t really care about appreciation, I mainly focused on significant cash flow with minimal tenant headaches. 

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