Our main carrier policy converts to vacant dwelling policy at completion for duration of term and can be renewed on case by case basis if unfinished or unsold.  

Marketing and Lead GenerationFinding and converting leads can be challenging without a solid marketing plan.Solution: Implement a comprehensive marketing strategy, using social media, SEO, and paid ads to attract clients.

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. 

@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.

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

Single-family conversions tend to be older properties built in the early 1900s that were very likely poorly converted and as a result if they have not been fully gutted recently, they will need that large scale renovation soon which can cost you over $200,000 to complete, depending on the scale of the project.

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.

You can convert a garage into an ADU.

For example, buying a triplex and converting the garage into a four plex and converting it to an Accessory Dwelling Unit.

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