The garage portion of the one bedroom could eventually be converted into a studio and be rented for $500 or so.

Convert the house to a rental and when they sell a year later they would still get the full primary residence exemption which they'd use to pay off their first Vegas property  and 1031 the remainder into a new rental in Vegas.  

Speed and low risk are key. How will you play with bank money , fixer-upper, cash flow , equity value transformation and market environment to snowball the profit ?If you have $1M cash , how long will take you to make...

Interest only for first year until I have a tenant and credit score goes up then convert to 30 yr fixed at lower rate.

Say it won’t be an issue with the lender so long as a permit to convert to a 3 family is obtained. 

Our new accountant has us now recording it as an installment sale, but since you’re “selling” within the first year of owning it’s still taxed at higher capital gains.For this reason, we’ve been leaning more towards subject to purchase and then lease with option or true rental.The lease with option allows us to write it off as a rental for however long the term is, and then convert to a sale (using contract for deed) that’s taxed at a much lower rate.But I do agree with you!

Is there anyway this home can be converted to multiple units?

Would you convert one of the bedrooms into a bathroom/walk-in closet even if it meant that the second bedroom of a 2/2 would be fairly small?

Here's our current situation:
1. Have a single-family home in Florida, purchased in 2005 for 202k
2. Travel for business and don't currently use as a primary residence
3. Planning to invest funds into the home in o...

Drywalled the living, dining and kitchen ceiling and put in crown molding, painted everything, terraced the tiny hilly front yard and landscaped it, converted a nested 'nursery' to a bedroom by adding a closet along the entire wall.