I keep the lease simple: One year and all tenants are jointly and severally liable.

The standard to apply is quite simple: Did you accurately disclose the character of the down payment funds to the lender in the loan application?

Simple rule of thumb is demo, then most inner to most outer, meaning: studs, plumbing/electrical, drywall, etc going to outside, then/together with top to bottom.

For this particular property, I went to see it today and the conversion appears to be a rather simple project of moving a door.

Hello, my situation is simple but the agent made complex.

That could be something simple such as adjusting the amount of late fees or something more involved.

Research high-rental areas, plan for repairs, and consider simple upgrades.

Fee simple purchase?

This will potentially allow me to pay no tax on the capital gain as I will be in a low enough tax bracket to pay 0 capital gain.Bottom line is they are very convenient, and simple but more restrictive and higher fees, resulting in a sub-optimal IRR.  

The answer is very simple: if it was that easy, everyone would do it.