There are also passive opportunities in just about everything else, such as self-storage, mobile home parks, etc.  

I have just recently started combing my area to see what kind of deals may be around.My intention is to eventually get in to self-storage as i believe this is the best area to invest in for my situation. 

I'm trying to figure out if it's feasible to convert the living room to a third bedroom(each apartment has a kitchen, living room, dining room, two bedrooms and one bath). 

You should speak with a firm that provides an engineered study to provide a feasibility analysis on your property.

Strength of borrower, strength of project and how much red tape or flexibility you want will also have factors in determining to go bank (if feasible) or to use private or bridge money. 

I've done a Phase 1 for the transfer of land that had underground storage tanks and asbestos filled structures...they can get ugly and expensive...

I personally don't like this option, as I would prefer to get out from under a mortgage payment sooner rather than later, but it is a feasible option so I'm listing it. 

Kind of in a holding pattern right now, but we are looking at some land to possibly put up storage units.

Storage?

We currently have an off-market four-plex under contract but just received another off-market deal for storage units.