Immediately, I went and called a local pest control company to get a quote to take care of the issue. 

Building Codes and Permits: Insights on navigating local building codes and securing permits for this type of conversion would be incredibly helpful.Potential Pitfalls: Are there any common issues or unforeseen challenges I should be aware of when undertaking a project like this?

I believe you can convert your primary to a short term rental without an issue (but check with CPA).  

I recently had an issue with the neighbor; however, Engelo and his team was able to help resolve the issue without much headache.

Ive been hosting my primary residence in Denver for years without incident, and each year renew license etc without no issues outside of the standard bureaucratic headaches.

if this is an owner occupied property and the loan was used by the owner to buy the property to live in.. then they are by federal law able to request a 3rd party mediator to meet with them and a representative from the bank and try to work out a re pay planthe issue is many in foreclosure never follow up on this and basically waive their right to this meeting. that would be step number one get into the federally mandated mediation if the owner and the property qualify.

I purchased the property from Cheap Lands and was issued a Quit Claim Deed.

Hey Rahul, I ran into the same issue through conventional as I was starting..

Thanks It depends on the details but you might very well run into "seasoning" issues trying to pull out more cash then you just purchased the property for. 

In one year, the US Treasury Dept issued $21 trillion in treasury bills to fund the spending of the federal government (Kobeissi).