I'd convert the building into res. suites, just don't know how to get around the old bank vault.

@J ScottThe books are useful, but when you still have to convert them to useable spreadsheets on your computer.

Just make sure that you're converting that newfound knowledge into action, and that action into dollars.If you get started now, you'll be thanking yourself later.

We are considering buying a SFR and converting into a duplex with a renovation loan.

134k- Converted duplex built in 1920’sSemi Updated Average Neighborhood/Ave Schools1600 Sq Feet1 Bed Unit upstairs and 3 bedroom downstairs 20%- $26,800 down payment PI Payment $592Taxes-$333Insurance- $91Total Monthly Cost-$1017Rents $1550Total Cash Flow-$533Cash Flow per door - $26620%- $26,800 down payment $7000 max in Rehab workTotal cash needed $33,800Annual Rents - $1860075% Less Variable Cost- $13950Interest Paid annually $5620Rent less cost minus int-$8322NOI/Total Cash- Cash on Cash- 24.62%250k- Duplexbuilt in late 80’sSemi UpdatedGood neighborhood/good schools 2400 sq feetTwo 3 bedroom units 20%- $62500 down payment PI Payment $1035Taxes-$395Insurance- $108.33Total Monthly Cost-$1539Rents $2200 Total Cash Flow-$660Cash Flow per door - $33020%- $62500 down payment $7000 max in Rehab workTotal cash needed $69500Annual Rents - $2640075% Less Variable Cost- $19800Interest Paid annually $9843Rent less cost minus int-$9956NOI/Total Cash- Cash on Cash- 14.33%

If you get the place, be ready to convert over to LTR if the ban goes into effect.

If not Airbnb, are there other legitimate ways to use a VA loan to invest in real estate without converting your previous properties into conventional mortgages?

One strategy I'm pursuing now to obtain rental properties in our very expensive market is buying a new primary residence every 1-2 years and converting into a rental when we move out. 

Be aware of any local ordinances that may apply (room taxes, permits, etc) Also, laws are continuously changing regarding str's so the bail out plan would be to convert it to a long term.

The last think you want to do is live in an illegally converted garage, then see the city come in and red tag the unit for no permits.