You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

I initially offered $200K in cash, but the seller countered at $240K.

The initial plan was to do minor cosmetic things and bring the kitchen and bath up to date but not knowing this fact made our $5,000 budget go to $50k costing us the two year full rehab.

A low opt-out percentage appears like you have a clean list of people who initially opted-in to receive your messages. 

Non-QM DSCR loans will allow you to refinance the property at the newly appraised value after 90 days from the original purchase IF you took a loan for the initial acquisition.

Moving there initially since low down then ideally want to rent some rooms to cover mortgage!

My career has been centered around helping businesses scale through strategic sales initiatives, but I’m now channeling that same drive into real estate investing to build long-term wealth.My wife and I are in our early 40s, both work full-time, and are raising four amazing kids.

@Abel Curiel, When I first drove by this property in my initial search it caught my eye...out of the 100 or so properties i had on my initial list this is the only one that I had memorized the address of. 

You will likely have negative initial cash flow reducing this return, but typically the negative cash flow is short lived. 

For example, the estimated cash flow RTR shows is usually higher than what I calculate.How about the initial investment?