Costs include a conversion fee, potential property upgrades, and legal expenses.

I would plan for having to put 20%+ down for most deals. 

If you elect to use a VA loan, that typically means you don't plan to put any money down.

@Nathan Johnson "Our savings are minimal, since teaching isn't very lucrative and life is expensive."

This home has been highly operational with high rates of occupancy, bringing in anywhere from $500-$1500 a month in overage beyond our monthly expenses.

But I usually heard this from people who had never owned a business before, didn’t have the cash to back up their plans, and often were planning to maintain full time jobs.My advice: Start with one business.

I am planning on doing a flip or a build in Phoenix in the next one to two years.

This home has been highly operational with high rates of occupancy, bringing in anywhere from $500-$1500 a month in overage beyond our monthly expenses.

@Jeffrey Bourque Are you planning to finance this with a local bank or credit union?

But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).