The plan is to convert the commercial unit to 5-6 more units or so.

But like you say the amount of time to recover the cost of converting is a long time at 100/mth.

The borrower is going to convert the units to condos and sell them individually.

Purchase price: $125,000 This was my primary residence that I converted to a rental unit after we moved out of Milwaukee.

There are several homes for sale that appear to be good candidates but the prices are high so profits won't be as good and if I have to convert it to a normal rental the numbers don't work. 

New flooring, new kitchen with quartz countertops, new bathroom with new plumbing, added in unit washer and dryer, added better than standard rehab kitchen appliances, converted the place to 200amps from original 100 amps, new plumbing and pipes, etc.The house has appreciated to about 220,000 in value comparing it to other similar properties that recently sold in the complex.

Or, do you mean you plan to live in it and then convert it to a rental as a Nomad in 3-5 years?

Any experiences with converting a home to natural gas and what kind of ROI you could expect from that, if any?

I understand buying older buildings and converting them to condominiums, I understand buying underpriced properties but why do people invest in market rate condos with negative cash flow?

Are you converting to PBV or PBRA?