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I think it should be a conversation between you and your investor to determine what both of you will be happy with.

Many are large single-family to multi-family conversions. 

Or you can even get creative and use the 203k to do a SFR > MF conversion assuming the zoning allows...I still think the bang for your buck will be in room rentals...

Or, more realistically, if you have a history with them and want to stay in relationship then go back and have another conversation with them...maybe there was a miscommunication or they misunderstood a key point while talking about your plan?

A quick 5 minute conversation can save hours of online research and give you big picture guidance.But do have some general criteria to provide, like I mentioned above, as well as your price point, so you're taken serious, but don't overthink it.

We had a long conversation about the home and how it was his grandmother's. 

Amanda I would be i interested in some more conversation about how I could assist you with either one of you needs if not both.

Probably a good idea to keep ALL conversation off the property.

The other great thing about vacation rentals is that it takes rent control and tenant laws out of the equation as those laws don't apply to vacation rental properties.To be sure, there are plenty of other laws that do effect you as an investor if you go this route.If you'd be interested in a conversation, I'd be happy to tell you more about what we do and why.