Understand as well, that if his friend is in the business, it’s very difficult for him to make an owner occupied, consumer purpose loan without proper licensing, an NMLS registration, compliance to TILA and RESPA, and on and on.

I’m looking at a duplex that was illegally converted (proper permits weren’t pulled/zoning is still single family residential).

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Something I would consider in a year, maybe 2, when things stabilize and I'm able to properly fund it and reflect in the rent rate.

Just continue to analyze deals properly. 

Look into Tampa proper (Tampa city limits) ...no restrictions on STR there.

Make sure you are buying in a great market with the #'s working out properly on the property as well.

You need to become an expert at properly analyzing deals and assembling a pro forma package to present to investors.

Now, when it comes to building a house then you may have more control over each stage of development, which should allow an Investor to control costs and increase profits if planned and managed properly.

I do things the proper way.