But what about contacting potential buyers (this is especially for wholesaling)?

Or is there anyone that would potentially wanna sit down and join my LLC as a lender and we can discuss terms and build a connection and do good business together! 

Would reaching out to a real estate lawyer or architect be better to see if it's possible to convert to a legal apt?

They don't really provide any tax benefits and their veil is easily pierced by a good lawyer....Just have plenty of good insurance.

Reasonable priced major city but looking at other cities now potentially but haven’t invested the time into understanding another market yet.  

If someone here can give me advice on how to go about hiring a law firm/lawyer, what to expect and if someone knows a good lawyer who deals with these issues in Memphis TN, that would be extremally helpful! 

Here's what I've observed: in the areas with the best growth potential (for both rents and appreciation), existing small multifamily is very scarce.

Big difference in time commitment, risk, and potential profits 

Both have their own unique advantages and can offer great potential for real estate investing.

Appreciation potential certainly may be there but are you ok with neutral or negative cash flow?