They also gave me the number to another vacant structure that could potentially be converted.

Also, some of the small multi-family built in 70s and 80s in Iowa have wood foundations and most properties above a duplex are zoned commercial (much higher taxes) so you have to form a Coop or Condo (S Corp) to convert to residential status to drop the taxes.  

the downstairs living room was converted into a third room.  

THE best lesson  JUMP in and do it  DO IT   DO IT  yes jump in  me high school drop outbut have made lots of money more money than most people dream about  also lost a lot during the recession but always keep positive attitude  just signed agreements  to purchase  two more buildings to convert to self storage which will make it 5JUMP in 

Using Options and Corporate Pension Plans to Convert Equity to Income with Minimum Taxes.

I know here in Chicago people sometimes convert basements to units by adding a kitchen an bath.

Another opportunity I have, because of how the property is laid out, is to convert a storage room into a studio or 1 bedroom unit.

I realize that once I get to the newly purchased houses I likely wouldn't have enough equity to continue, but at least for the ones I've owned for years I could likely buy myself some additional time untilBasically I'm trying to convert conventional mortgages over to HELOCs.  

Or imagine an investor who buys a property to convert it into a fourplex.

Paid my first home off and converted it to a rental (was ready to move a little further away from the in-laws).