After purchase will convert hard lender to private lender with lower interest rate for traditional loan.

Something along the lines of a year lease converting to a month by month lease in the event of rent over due for 10 days or longer.

I also converted the unit so they are now paying for their own heat.

Also, since you mentioned it was large, maybe it can be converted to a 2 bedroom for additional profit? 

Does anyone have any ideas on how we can best do this, without converting these all into a single portfolio loan. 

I was able to find  a multi-family property in a good market that has potential to be converted into condos, or held as a solid income property.If I decide to sell the property, After extensive renovations, ARV on the condos would be around $1MM total, I would be into the property for roughly $500K (purchase plus rehab), So the profit potential is huge!

If you are looking to convert this to a business and go commercial financing then set it up now do that you don't have future hedaches

We would like to see if we can convert it in the following way, and perhaps make it a legal area:1) Remove the current bathroom facilities and turn it into a laundry room with washer and dryer.2) Remove kitchen sink, and rearrange the countertops so it can be used for folding clothes, etc.We would then rent the space as part of our 2nd rental unit, with of course  an increase in rent for the 2nd unit to account for increase square footage and laundry facilities the tenants would receive.  

I’m James Goodlett.Brand new to the REI game.Only real experience is the purchase of my home that has since been converted to a rental property.I’m trying my hand at investing as a potential follow on career path.Once upon a time I grew up in KS, but when stateside I’ve lived primarily in TN and AL for the last twenty years.My goals in REI are to simply offset my pending retirement check without being tied to anyone’s whim but mine.I fully understand that work is involved in being successful in this endeavor.BiggerPockets was a recommended source for information and networking. 

My eventual plan would possibly involve converting the office space into residential units as well.