I would have been more successful on the deal if I used more patience and developed a skeleton team before I closed on the property.

I know its the vacation capital of the world, but when I was there late last year, the marketing of developers to STR owners was frightening. 

Let them know you will have to do the official inspection after they vacate but this is a great opportunity for you to identify problem areas they may be charged for.Finally, the move-out date will pass and you have to determine if they are out or not.

I am trying to get an already existing building in an average area of Los Angeles with conventional loan, they get it permitted and entitled for multi-unit development. 

Working on my 1st potential, albeit small, development.  

Or are there any new developments in your area?

In highly desired flood zone, good area and there is a new residential development down the street that is starting. 

My history as an investor starts with developing communities (out of foam box inserts) for my Barbies when I was 6 or 7.

So a recent podcast and similar timed stay in an airbnb in another city along with my current market severe lack of inventory (yet too high new construction costs) lead me into thinking about this topic.Has anyone on here converted buildings like this into multiple condos and developed an HOA and sold them separately?

You have to go through their business development program and give the SBA an approved business plan, which cannot be just to buy real estate.