At the time of purchase, I knew I might not want to stay indefinitely and at some point to might convert the home to a rental property.

I am considering converting to a long term rental but thought that mid term might also be a good approach as well considering the home is fully furnished.

Possibly already permitted outbuildings that already have plumbing such as workshops, offices, etc might be able to be converted to an ADU at a cost that does not result in the cost being more than the value added.Building an ADU is a lot of work and can be a slow process.  

He mentioned looking into FHA loans and after some research I see that you need to live in the home for 12 months before converting it into a rental property.

We still need to monitor PH and it uses salt cartridges that the tub converts into chlorine.

Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.

@Brad Kanouse,I believe this is a duplicate of this post:https://www.biggerpockets.com/forums/311/topics/1210256-usin...But regardless, here is my answer:If you take a distribution from an IRA - it will be subject to taxes and penalties.You can convert your IRA into a "Self-directed IRA" and have the IRA buy the property, in this case you are not the owner, the IRA is.

Building a new ADU will put you in a more “negative equity position” than converting a garage for example, which only cost <200 per sq ft.  

And the plan is to convert an existing Airbnb I own (and have run as an Airbnb since 2019) to PadSplit.

I found what seemed to be a great property with a house for an STR and other space that I could expand for camping/RV sites and a barn that could be converted into a venue for events.