I got 2 units up in Dec, converted 2 to1 and put it online in Feb and am just finishing up the 5th unit by next week .

*I am looking for guidance primarily in the financing portion of this strategy, but if you would like to proof it for other items to be aware of, be my guest.The idea is to buy a single family house near Fort Worth with a 2 car garage, convert the garage into a living space including a kitchen and bathroom and remove the attic space to be replaced with a loft.

Welcome to BP, @Bethany Rogers I would say that duplexes are feasible for most people in the A2 market, and you can sometimes find houses that are currently single family but can be converted to duplexes due to the zoning or the ADU ordinance for owner-occupied homes.

It's my understanding that you cannot live in it, either the one you're selling or the new one, although there are rules where you can 1031 exchange but then years later, move in and convert it to a residence, although I don't know how that works for taxation purposes.  

Purchase price: $240,000 Cash invested: $48,000 Primary Residents to be converted to rental What made you interested in investing in this type of deal?

This way hopefully rents have gone up enough when you convert the property you are living in into a rental that you are getting some cash flow.I would speak to some lenders to see if you could still qualify to get another mortgage to buy another property if you did a cash out refinance.

If so, How do I go about converting my checkbook IRA from my SD IRA company to a 401K account?

If you have an old building and most other buildings have already been converted then tenants likely already conditioned to pay in the area.

You are not going to get much unless you can convert it into a loan assumption and then you can make a little more.

I converted one from my family's primary residence to a rental and purchased the second to be our primary.