You're going to have to convince the zoning commission that it's feasible to zone it to commercial that means you need a solid plan of action to get them to even consider it and the zoning commission are very stubborn when it comes to zoning it to something different lots of paper work and red tape involved.

The biggest was a real estate agent going to the city wondering, if additional renovations that were inherited in the property were permitted, so that he could raise the price to increase his commission. six months later of work and having to redo a large majority of the work that was inherited cost another 50k+.

I would much rather improve the property with a tenant in place so when they do move out years down the road, I have easy work and can even skip all vacancy by having a happy tenant to will leave it clean and have an updated well maintained unit to rent it away for top dollar.

If the #'s work, and you're confident in them, go for it!

I've got a few friends who are PI's, very interesting work, and potentially very useful in this field.

It's a lot of work, and you can count on giving up some time that you would normally spend with your wife, your daughter, and your new baby.

@Jose Falconett often wholesalers will start title work and require the end buyer to use their title company or pay an extra $X.

Also, you have to have people renting the boat each weekend at $400 minimum per half day.It just seems like a lot of work and you would be hard pressed for a good ROI.

With a reno as you have stated - New roof, windows, siding, HVAC, insulation, etc - you have a minimum of $50K assuming you do some work and contract the rest and that is not going high end. 

But, after several years of hard work and stressed, I decided to take a jump into real estate market since I am aiming for freedom in my life.