You don't have an apartment with long term renters where you have time. 

Hello Ilya,Where are you looking at purchasing your 1st property.When converting a property from a single family to a multi family, you will need to check on the zoning requirements, depending on your location, not every location has zoning.As far as lending goes, it is far easier to finance a single family up to a quadplex, than financing 5 plus units, the DSCR Market for 5+ units is extremely low right now, and there are few if any lenders in that space.For financing 1-4 units, there are Millions of dollars chasing those loans, so you can easily obtain long term financing, at rates between 5-7%.Please reach out if you have a property identified, and I can help you with financing options.

What is holding you back?

I want to get a “checklist” of what I need to do next in terms of the legal side and paperwork to get this thing rented out (or even steps I need to take prior to renting it out, such as getting insurance and a contract agreement).

I would appreciate references to experienced professionals (architects, arborists, GC, surveyors etc.) who can help me negotiate and get permits for a short plat in Bellevue, WA. 

And once the house is finished, you have multiple options for refinacing and selling the property.Let me know if you would like a term sheet for a construction loans, thanks, Dustin

It can be drained every use (as long as you have an area to drain it properly to so this would be the only hold back) so no chemicals needed or reliance on a Hot Tub maintenance person2.

In terms of the condition maybe the landlord didn't add AC or went with LVP and carpet over hardwoods in an A location.

Investment Info:Single-family residence buy & hold investment.

After years of sort of cruising on auto-pilot with a single tenant on a long-term lease, we figure it's time to assess the real value of this longtime family investment in case it might be time to sell.