The biggest thing with this is if something major happens are you legally covered if the unit is illegally rented. 

Hi David, How many units is the Multi-Family?

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.

You're right there's few units on the market, but they do come up and if you're ready to commit, you can find something.

Here's some input to help guide the decision between selling or renting the property, considering the specifics of the property and the potential additions like the ADU (Accessory Dwelling Unit):1.

I do not lend in NC so I cannot help but I have several options with 20% down on a 2-4 unit.

I currently own a 4-unit in Allentown which has done quite well for me and looking to expand my portfolio throughout LVH.

Fannie Mae has a requirement that if you want to use the rental income from the non occupied units, that you MUST have a current housing expense which means you cannot live rent free.

I had listed a 10-unit property in Cincinnati, OH, and found a buyer through an agent from a different office.

If you do, I recommend you hire a real estate agent to help you lease up the units.