The idea is to convert a multi-family building into condos; but not in the traditional sense where you separate pre-existing apartments into their own condos; but in a way where you combine the common areas of all of the apartments in that whole building, and turn the individual rooms within those apartments into condos themselves; thus transforming the hallways, kitchens, bathrooms, living rooms, dining rooms, porches, balconies into common areas of the condos. 

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And I’m wondering why more ppl don’t convert to this type of system.

@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.

You can convert a garage into an ADU.

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.

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.  

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

Convert the property you are living in now to your second rental, and buy a new home for yourself. 

Quote from @Allison Littman: I am currently trying to close on a church in Nashville (residential R6-A zoning) and convert it into my primary residence.