He mentioned looking into FHA loans and after some research I see that you need to live in the home for 12 months before converting it into a rental property.

For example, buying a triplex and converting the garage into a four plex and converting it to an Accessory Dwelling Unit.

Convert the property you are living in now to your second rental, and buy a new home for yourself. 

Possibly already permitted outbuildings that already have plumbing such as workshops, offices, etc might be able to be converted to an ADU at a cost that does not result in the cost being more than the value added.Building an ADU is a lot of work and can be a slow process.  

Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.

🥢🌦️ January Weather in VegasHighs: 56°F–60°FLows: 38°F–41°FHistorical extremes:Warmest: 77°F (Jan 26, 1975)Coldest: 8°F (Jan 13, 1963; Jan 25, 1937)Average January precipitation is just over 0.5 inches.

Quote from @Allison Littman: I am currently trying to close on a church in Nashville (residential R6-A zoning) and convert it into my primary residence.

Once converted to a rental, repairs and improvements may qualify as deductible expenses, but pre-conversion repairs typically do not.

This defers capital gains and depreciation recapture taxes on the sale of your fourplex.After converting it into your primary residence, you may qualify for the primary residence capital gains exclusion ($250K single/$500K married), but only for appreciation after the conversion; gains from the rental period remain taxable.

Hi BP community,I'm going through a landlord's worst nightmare now, long story short, I have a fully furnished rental property in Florida, previously an AirBnB converted to long term rental.