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The hvac and water heater are newer, 5-7 years old.I do plan to PM myself, same as my current TH.In regard to the heloc, this is still my primary and I have a lender that will go 90% LTV so I should be able to pull a fair amount of cash.With all that said I am feeling better and better about keeping this as a rental, thanks for the good conversation.

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I will make some calls tomorrow and post results of conversations with the township, county and village.

I have talked to a few lenders, both in TX or lend in TX, about buying all cash then doing a cash out refi and they continue the conversation about more strategy and tell me to call them when I get the property.

Are you looking for a built for purpose multi family or conversion?

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I have several buy and hold properties where it's clear as day that the in service date is the date the property is available for rent.  I'm a little confused as to how it works when converting a primary home into a r...