My CPA converted it to a $1200 repayment.

Or if there are garages, you could convert those to an ADU for much less.

Just to be clear, these are apartments that were converted specifically for this tenant, so it is not a commercial space that I may be able to easily rent if the tenant leaves.

You can convert them to rate bumps (if you don't want to pay out a ridiculous amount in fees/points) at a ratio of about 1 point equals 0.25% to rate (tacked onto the base owner occ rate on any given day -- rates change daily, sometimes 2-3 times a day, depending on Wall Street).

I guess I don't know exactly where you are financially but I often advise looking to build equity first and then converting that equity to passive income later.

I am in the planning phase for converting my live in; into a four bedroom two bath. 

I am graduating residency and moving and we are converting this into a second rental property.

How difficult is it going to be getting them converted into 2 mortgages from the one 1 year loan? 

Most often loans can be as low at 3.5% down if you are  owner occupied, but again as long as your numbers work out with that sort of down payment and maybe even refinancing once you are renovated and rented out (multi family wise) then you could potentially convert it into a conventional loan.

Thanks Chris,Someone had previously converted it into an enclosed porch, so the majority of the effort was demoing out the rickety walls and eliminating some of the previous landscaping.