Glad you found audio books helpful, i would first reccomend pick your strategy- buy and hold, flip etc- then you want to figure out how you will fund the deal.  

I'm considering the rental options for a studio in Midtown Houston. 

If that fails, I'll do the studio as a long term rental but that's not my preference.

Studios have more turn over than 3 BR/2 Ba. 

He has done little things like painting and big projects like converting a storage room to a studio apartment.

That can be a strategy.However, if you look at the way rents move here in NYC, if you buy a cash flow property that does not move up in cash flow the way your NYC rents will, you might find yourself in a losing position over the years.As an example, a building I bought in the year 2000 had 2 studios that rented for $500.

They were small studios or 1-bedroom units, which tended to attract a younger crowd in general.

Should i build an addition on to my 14 x 24 building/ making it a 24x24 bungalow type setup. orshould i leave it as is and just add a bathroom and kitchen and rent it out as is like a studio apartment setup ?

My strategy with the multifamily apartment (mixture of studio, 1 bedroom, 2 bedroom) is going for the rental path, instead of the condo for-sale route.

I have purchased the audio version of that book and will be listening to it on a long drive tomorrow.