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.

@Allyn Witt there are a lot of things to take into consideration from type of construction, mechanical systems, lead paint, asbestos etc.I have done a lot of conversions of old historical buildings such as  school buildings, hospitals, factories, office buildings etc. and converted into apartments, condos, mixed use and office.I would be happy to discuss more in depth as these types of projects are very complex and there is way to much to go into than can be posted here. 

Meaning we have to by out more than 3 times as many people to convert it to condos as its too hard to make money from rent"

I'm looking at building a commercial property, part of which I will use for another business that I own, the rest I plan to lease out to other companies/individuals.I had thought about buying and converting a building to fit my needs, but after doing research, I discovered that I could build a building to my needs for half the price of buying a similar sized building - and that's before factoring in costs to convert the building.So the question that I have for those who have built their properties is: Is there a guide or checklist that I need to ensure that I have things done in the proper fashion.

Hi everyone,Does anyone know what the process is like to convert a 2 family home into a 3 family?

Also the dining room cannot be converted to a bedroom as this is a large room with vaulting ceilings and is open to the kitchen and it also the one way to get to the back bedroom.