Once you do this conversion it will be difficult to change it back to a traditional long-term rental. 

I had a conversation with one of my investors yesterday and he was asking where is all the positive cash flow and the equity appreciation on our deals? 

I would also be super conversative on spending.

Always get permits for conversions and be cognizant of the experience renters will have in your home.

There’s a huge difference between winging it and setting up a system that consistently brings in genuinely motivated sellers.Get a website, focus on the 3 pillars of conversion (look it up), and crush it.

As others have mentioned you could have a conversation with your tenant(s) about splitting the cost.

Which makes more sense in terms of fees and conversion rates?

Having a conversation up front can help you avoid lost time and money in the long run. 

Ive certainly purchased properties at serious discounts to the listing price....but it wasnt just random shotgunning of the offers.What I usually start with when trying to see if a lowball offer is appropriate is having a conversation with the listing agent first.

when you put your property on the Padsplit platform, did you purchase an existing pad split home or did you have the conversions done to make more rooms?