You prpobably don't care about Ohio, but their requirements might be instructive.You can only file January 1 through March 31.

These special assessment were thousands of dollars, and there was no sufficient reserves from the monthly fees to cover these large biggers, so the owner were required to cover the shortfalls out of pocket, what a great way to ruin your cash flow and ROI.There are benifits to condos, including tennis courts, playground, swimming pools, club houses, and fitness facilities. 

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

Some of the new laws in the state house will require you to provide Air-Conditioning.

I don't know anything about their policyholder experience.However, every homeowners policy I've ever seen, even with a "home sharing" endorsement or rider, requires some owner use of the property. 

I recently completed one on a multifamily property and found it to be a cost-effective approach.That said, there are a couple of additional factors to consider beyond the code differences between a garage conversion and new construction:Coastal Overlay Zones – If your property is in a coastal overlay, building a ground-up ADU may require Coastal Commission review, which can add time and complexity to the process.

Fix and Flips require Money(and or atleast reputation).If you are in a bad financial situation, fix and flips may not be possible for you(especially if you have no experience).

Your ability to qualify depends on income, credit, and lender requirements, but leveraging your equity makes your request more feasible.

Success in real estate requires courage, perseverance, and the willingness to take calculated risks.Internalize these principles and apply them in your real estate endeavors, and you will be on your path to success.

This of course can be scaled up as well for better profits, if you have a 1 acre lot, you can probably fit 2 buildings with 4 units each (depending on zoning requirements), or 4 buildings on 2 acres and so on.