So I have a flex space in one of the units of my duplex that can easily be turned into a 3rd bedroom.

My last two clients closed on houses that became 8 bedrooms rent by room house hacks that cash flow, so it is possible in this market.2) Multifamily - Purchase a 2-4 unit property with 5% down conventional loan, and live in one unit and rent out the others.

Yes indeed mate.I probably would have fixed the rate also but "underwritten" the deal from a worst case rate scenario like I would do with SFH if financing.I'm not versed in large multifamily deals and would love to learn more.I think I could really do some "damage" in the field because I own and run a property management company and we run a tight ship that's very well optimized from an automation aspect and affiliate fee structure standpoint.So my bottom line for example buying a 50 or 100 unit would be much safer/higher due to in-house PM and "working" the margin.

Full kitchen and bath remodel, added a half bath in basement, replaced flooring and fixtures, paint throughout, and an electrical panel replacement.

There are a lot more condos coming on the market now: a lot of people are looking to sell after the strong appreciation in the past few years and there are thousands of new units being added by new development projects that are now being completed. 

Multi family to me means more than eight units.

Requires patience and potentially looking for off-market deals.Accessory Dwelling Unit (ADU):Pros: Offers privacy and less noise transfer.

I live on the casita unit.

It's the bottom unit of a 2-story. 

Lucky loses to statistics/probability with more units and time.I feel like the larger you scale the less sense using a property manager makes.