Remember, not every single decision in your life has to make financial sense.

That being said, with interest rates being higher now, I may not be able to find a turnkey property that makes financial sense.  

The only other question I would suggest is that you do engage a property management company to review your quad and review your monthly financials.

Provided I can establish a solid investment plan tailored to their financial needs/comforts such as debt ratios and income, they would be more than happy to offer me some financial control.Additionally, If I wanted to, for the sake of building my own personal wealth, I admittedly have the luxury of taking a loan from my parents.

If you plan renting out this property, that cost recovery comes from cash flow (equity doesn't count). 

This approach will allow you to focus on the financial benefits rather than the day-to-day operational tasks.Additionally, consider how this rental income will contribute to your overall financial picture.

Quote from @Tom Enright: Hi Forum, I'm about to close on my first STR and plan on materially participating >100 hours this year as I'll be working on the property and plan to rent it the last 1-2 months of the year.

Personal criteria, building criteria and area criteria will all affect the way a deal appears on paper. two 100 unit apartment complexes, one in an A area and one in a C+ area will have very different financial breakdowns and interest groups.Want to know if a deal is good (for you)?

The planning process can take a very long time!

Quote from @Jaycee Greene: Financially, I'd only do it if you could convert to a 3x1 AND get at least 50% higher rent.I dont see getting 50% more.