Really creative suggestion on the conversion.

In general, my problem right now is that for a MFR, I'd need to get creative with how I'd fund a purchase and rehab - I know there's a lot of chatter/blogs/guides on BP to guide that.  

I have an LLC company I incorporated in 2011 (completely unrelated to real estate).

It will take some creativity to add the bedroom without making the layout feel too choppy, but I think it's definitely possible.

@Matt Lefebvre Letters get better response rates than postcards and creative letters get an even higher response rate.  

I like the creativity. 

There are actually 24 incorporated municipalities in Pinellas County, and each City/Town has its own rules and its own red tape.Here are couple of interesting articles on the subject specific to St Pete and surrounding cities:http://www.tampabay.com/news/business/tourism/st-p...In short: "renting a home for less than one month is illegal under city code.

Here they are: - What are some of the creative ways you guys are finding/identifying multifamily deals/motivated sellers.

HELOCs, rates with "no PMI", other creative solutions, are almost always more costly than simply paying PMI.

@Carlos Rodrigues this is where you need to be creative.