None of that matters if the property doesn’t align with your long term goals.

I am just beginning to work towards my own investment goals. 

The goal is to buy and hold but rates are making that really hard in our market over here in Idaho. 

Initial goal was early retirement but i don't know or think that's totally realistic at this point.

Most of the time it’s much easier to close individually and then refinance into a portfolio loan if that is the goal.

This would the common strategy (BRRRR).

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?

My goal is also to live in the residence for a year but that goal does not seem too attainable through the naca program.

.💫 My next goal would be to purchase another single family this year (I wish the interest rates would drop a smidge), if unable to then continue saving until "the time is right".

DSCR for STRs is commonly mislabeled under the "hard money" umbrella, when it's in fact a 30 yr fixed, fully amortizing loan (same structure as Conventional), with rates similar to conventional.