STR insurance can be very expensive, ours went from 800 per year as a vacation home to 4400 when we converted to STR. 

Deduct the cost to convert to this use...

One is a duplex I will convert to a fourplex, the other is a condo renovation that I purchased at a great price.

There are regulations at the state legislature proposing allowing any Single Family house be converted to a duplex.In addition, there have been cities that have enacted rent control (parts of Los Angeles and San Francisco).

Wiring and 220 circuit requirements can run the cost up quickly if you are converting from a central system.

Probably that same PM lender is going to want to work with you again, if you manage to pay him/her off as agreed.You might also talk to local HM lenders that offer convertible 'temp to perm' loans. 

Alameda is really diverse in its renter population as there are so many large homes and Victorians that have been converted into multi-family units on the island (due to Measure A that restricts density per parcel - http://www.saveourcityalameda.org/alameda-measure-... ).

You want to make sure your neighbors are lifting you up, not dragging you down.Another benefit of duplexes.....in Texas you can convert a duplex into two condos.

Convert your LTRs to STRs.  

Purchase price: $153,000 Cash invested: $5,000 2 and 1 zoned for 2 units with a 300 sq ft Pedestrian garage and plans to convert to be used as companion flat or separate unit.