The concept seems better than new construction in terms of project time, but I'm wondering about the cons to this idea with exception of price being an obvious one.In theory it seems scalable and efficient, in my mind acquiring the land suitable would be the hardest task.

Be willing to adjust the rental price if necessary to attract potential tenants.Implement the following steps to increase your chances of finding suitable tenants and minimize vacancies.Generating Interest and Attracting Potential Tenants:Making the Listing Take professional photos!

Hi Hoa,Given the loan amount is less than 100k, HELOC is a more suitable option unless you need more capital.

Platforms like Airbnb and VRBO allow investors to capitalize on the city's influx of visitors by renting out properties on a nightly or weekly basis.

Fast-forward one month to today, I still have heard no word from Philadelphia L&I (even after calling/e-mailing) and I'm ready to start renting it out, but one problem:"The Philadelphia Property Maintenance Code (Section PM-102.6.4) requires an owner offering residential property for rent to provide the following to the tenant at the inception of each tenancy:A Certificate of Rental Suitability issued by the Department of Licenses and Inspections no more than sixty (60) days prior to the inception of the tenancy.A copy of the “City of Philadelphia Partners for Good Housing” brochure issued by the Department of Licenses and Inspections....."

Overall  a DSCR loan can be a more suitable option for real estate investors looking to expand their portfolios, and maximize their investment returns. 

If the garage is not built to support the weight of additional floors or is not adequately reinforced, it may not be suitable for conversion.Insulation: Another important consideration is insulation.

If you are going to do this type of business make sure it is in an area you can visit or make yourself familiar with, you have someone that is representing YOU at the table like your Attorrney, and you don't make decisions based on "we need to wrap this up". 

I suspect your not going to attract many Asian visitors to this location either.

Rich information may be obtained from websites such as Realtor.com, Zillow, and local real estate blogs and forums.For out-of-state investors, investor-friendly agents are essential since they are knowledgeable about investment methods, have access to market data for the rental market, and can identify what qualities make a property a suitable investment.