However, I have converted farmland into other uses (e.g. solar farms) so knowing details about the specifics of this real estate sector (AG) may be of interest to some who may see converting to new residential developments or other 'higher and best' uses.

Here is my confusion:We are looking at an older home currently, and considering the idea of moving in and then converting to a duplex.

They are supposed to be converting the Prescott Airport into a regional Airport with regular daily flights.

I gut renovated and converted the unit from a 1 Bedroom to a comfortable 2 bedroom.

Do the math on converting it to a 2 BD...extra rent less expenses / rehab = ROI. 

We approached the building owner with the idea of converting the available space into smaller art studios.

Also consider buying an up and running ALF to get into the business, and then looking converting other homes into ALFs.

I've made a small business plan, browsed for properties and lenders and ran across a few, but I don't have much capital except for a tiny savings and a small 401(k) that I plan to convert to self directed. 

@Derek ScottYou may be converting some income that is not subject to SE tax to subject to SE tax.There may be some benefits of doing so.

Converted to rental property after purchasing new residence.