What you will end up with is 1 studio renting for $435 and a house renting for $800 = $1235 / $55,900 = 2.2 Rule Now as long as you keep all costs under $61,750 there's your 2% rule.

Not for a 400 SF studio, not for a 3000 sf fancy home.Rough budget.

Otherwise that 12k you have would be in the pockets of your "friends" at the electronics and audio equipment stores. 

I’ve been hesitant about converting another 2br unit, because my existing one is a mini studio, and the spread doesn’t seem as good over market rents, but I might try..

I recently got pre- approved for a mortgage and will be moving in with my girlfriend who has a cheap rent stabilized apartment, which will allow me to safe a lot of money.I want to invest in a condo as a rental property in nyc, i realize i probably will not get as much cashflow or find a 20% discount price that is recommenced in the bigger pocket book because the nyc market is tuff to make some of the advise in the bigger pocket book work.But i realized i can kind of force the cashflow numbers to work if i put a larger then 20% down payment on the mortgage,which i am capable of doing If i go with this option i will only be able to afford a studio condo 300-350k price range that will dated and need some reno work that i would be capable of doing myself.

I am a person that tries to make the most out of time, audio books on my commute for example, just looking for more ways to maximize time and be the best I can be! 

I have a property in Brooklyn that is currently listed as a mixed used with one apartment and multiple Single Room Occupancies.1) How would I go about converting this to a regular studio rental? 

I was successful in my personal training studio, so I never really pursued it, yet.

I live in the studio city area.

So a quick set of bullet points:-My boss is selling her manufactured home (de-titled) for 195k cash as is-The realtor has already provided comparable houses at 245k and will list the house in 2 weeks-The roof, appliances, and furnace (or water heater) are all under 2 years old-3/2 1600 sq ft with an office/studio in the 2 car garage that could be easily converted-The house is 600 feet from the beach, in a nice neighborhood, and within walking distance of a grocery store-I talk to a property manager tomorrow about rent prices and tenant availability for the area-I have 30k in credit available with another 18k in assets that can be liquidated for cash-My credit score is mid 700'sAll things considered I'm in a bind with time and cash.