So a recent podcast and similar timed stay in an airbnb in another city along with my current market severe lack of inventory (yet too high new construction costs) lead me into thinking about this topic.Has anyone on here converted buildings like this into multiple condos and developed an HOA and sold them separately?

But if you eventually want to become an active investor and buy many properties, your strategy really isn't the right one.

You have to go through their business development program and give the SBA an approved business plan, which cannot be just to buy real estate.

I'll update this situation for anyone who cares to follow it as things develop. 

Could I low-ball an offer and eventually make some good cash flow as soon as I can move out?

When you eventually move out, then rent out your apartment, and then have 4 apartments that cashflow, pays 100% of mortgage, and give you about 500-600 after all expenses. 

I'm an investor and looking to develop a relationship with an REO manager or agent in the MD/DC/VA area, as well as in Detroit and Florida. 

We'll find the best value eventually, just shopping around.  

Some might even say they favor the variance and think the zoning code should eventually change.

Other than VRBO/HomeAway, my best source has been repeat guests and friends of past guests.My goal is to eventually have all repeat guests (that will never happen 100%, but that is the goal).