The following is not tax advice, rather an example of what our tax professional guided us to do:Collected a total of $13,700 in rent ($1,141 / month average)PITI  = $1497 / monthHOA = $300 / monthUtilities = ~$500 / month avgDeductions for interest, taxes, and repairs = (~$31,000)Tax obligation = $13,700 - $31,000 = (-$17,000) which was credited against ordinary income on top of standard deductionWRT Moving out and converting to a rental in 2-3 years:You're going to be depending on rents jumping way higher if you're planning to cashflow, which is unlikely.

Was it a patio, carport or garage that was enclosed? 

Increasing your deductions through knowing what is a repair vs. what must be capitalized and familiarity with partial disposition elections can create opportunities to take losses against other ordinary income.Here's some links on both:https://www.irs.gov/businesses/small-businesses-se...https://www.thebalance.com/partial-dispositions-31...

If you make less than 100k, you will be allowed to deduct up to 25k of passive losses against your ordinary income.

out of the ordinary but so is the camper idea.

It will be ordinary income. 

@Ayana MorganAny profits made from wholesaling are considered ordinary income and yes you have to pay taxes on it.Good luck and let me know if you have any questions. 

Wholesaling is ordinary income.

If you didn't, like an assignment, its ordinary income.

A minor subdivision (I do myself, here) but you may need an attorney and a surveyor, just guessing, maybe 10K.Then the improvements (units) will need to meet code for a patio home or townhouse or whatever you call them there.