Certainly, if that is the desired outcome, you cannot pay for the rental income when you plan to convert the park to lot rent only.  

HelloIs it possible to purchase a 2 story restaurant and convert it to a multi family or would that be too big of a hurdle “bureaucracy” wise?

I've found a two unit property (potential to convert basement to make three units), which I am going to make an offer on, and reside in one of the units.

I have converted part of it into a apartment for me and buddys to go hunting.

Converting 50% as well at 10% the cost is a win.

I was thinking I could turn it into a rental and convert the rooms into individual units, and turn one vacant lot into a "playground" and the other into a mini garden that the tenants could use.The only reason I'm at a loss is bc I'm still not sure if 350k is a good deal or not with the current economy.

If you're planning to purchase as an owner occupant with either an FHA or conventional loan, you should expect to have to live in the house for 1 year before you convert it to a rental property.While you can have multiple conventional loans (up to 10), I believe you can only have one FHA loan at a time, so you'll likely need to come up with 20-25% in downpayment for each property.That said, to build a long-term portfolio, adding one-house per year in this manner is a great way to go about it.

Remember that the mortgage on your personal residence is often the cheapest money you can borrow.You might also buy a home that converts into a good rental when you are ready to move.

But if I ever needed to refinance the first owner-occupied home some time later (maybe to pull money out for another investment), I think I would have to convert the loan to a non-owner occupied loan which might create a situation where the refinance is at a higher rate than the original loan.

For this there may be no "fix" type of solution until a magic way of converting solar energy into electricity at high levels of effeciency occurs, so then it shifts into preparing for the eventuallity.