I would make sure that your conversion of the apartment is permitted and recognized legally.

But beyond the basics... you need to recognize that property management is extremely expensive in terms of how much of your profit it steals each month.  

Risk Management: Recognize that real estate investing can be risky.

Funny, I’ve made some great buys in the last 40 years, and almost everyone of them I was able to obtain at the “steal” price because of the following factors1 - I had the experience, knowledge and information to be able to recognize the true value2- I had the Fortitude the take the calculated risk and invest my money3 - I had access to cash immediately to convince the seller to take the property off the marketThese deals came along about once every three years - and I look at 2,500 deals a year!  

I’m glad you recognize you have much to learn, @Trevor DeSimone, and you seem to have the right attitude.You need to spend an hour with a good lending and securities attorney.

I recognize that the market is very hot right now, but I'd like to take action quickly (within the next couple of months) rather than cross my fingers waiting for the market to cool down. 

For example, ten years ago, when I moved to my home, there was only one self-storage facility in the area.

And they should be recognized in that way if they were offering a ton of value.

Assuming you would like to keep them as tenants, recognize it is a negotiation.

With a regular inundation of both good and bad, positive and negative information, it can be difficult to filter through all the noise and discern what’s right for oneself and one’s family.