While doing online research, I see a lot of inexpensive properties and old houses converted to multifamily in St Joe. 

Greeting BP community,I am very new to all this and Im trying to figure out a deal. i have an opportunity to purchase a 3 bd 2 ba for 113k. it has a den now that can be converted to a 4th bd. the estimated costs to make it rentable are 7k.

The asking price is $995,000There are 10-1 bedrooms that are priced between $695-750 -utilities are included There are  5-2 bedroom units that are priced at $900 -utilities are includedNOI with a average/Full $11,725.00  Annual $140,700..No idea on Utilities yet.Or insurance I saw it had been converted to a co-op taxes are  $8700.

The previous owner back in the early 90's converted it into a duplex then a triplex but never had the zoning changed. 

Anyone have experience converting a master metered property to individually metered?  

When I converted the house to a rental property, I setup an LLC (I'm the sole owner) and transferred the deed to the LLC.

My first rental was a single family home that I converted into a multifamily.

Lets say I set you up with a website that converts at 40% opt-in.

Hey @Rachel Orsie this is a complex scenario and there is too little information to evaluate the deal...that said, this being a 3-unit suggests that this is a nonconforming property: i.e. someone converted a large home into a 3 unit, which is unattractive.

And @least 1-2 yrs I will refinance, convert it to conventional loan use the equity to purchase another investment property as an FHA loan since my 1st property was converted from FHA to conventional.