@Jared Haxton You are not going to be able to do an owner finance transaction without paying off the existing loan.

I'm not even sure something like that exists.

It may be best to partner with someone that has done one before or somehow is a local expert on lot splits.If you can add a bathroom into existing space on high cost property it can add a lot of value.  

Are there any rules, laws, or regulations regarding this?

But everyone in this thread keeps saying cash flow over and over.To summarize:-Old/older midwest properties in good neighborhoods that you will hold for 25+ years: good investments-Cash flow on such properties: non-existent for the first 5-10-15 yearsYes?! 

Even if you manage to find an office with an existing tenant, their lease could be approaching expiration, and without plans to renew, it can take an incredibly long time to secure a new tenant for the space.

Problem is it doesn’t exist as a “public” offering.  

A good property manager can help with tenant screening, enforce lease terms, and handle evictions more efficiently if it comes to that.Require a Larger Security Deposit: Within the bounds of local regulations, a larger deposit can provide a cushion in case of damage or unpaid rent.Consider Rent Guarantee Insurance: Some companies offer insurance products that can cover lost rent in case of tenant default.

Seacoast NH, for example, has some great potential with short-term rental markets (Airbnb, VRBO), especially in towns like Portsmouth or Hampton, but the regulations can be a bit tricky.

Luckily for me the state of Florida has state level protection which bars municipalities from passing new or amending their existing laws.That said, I am seeing cities like City of Saint Pete crack down and are enforcing their laws for the first time in years.