How do you plan to convert?

There may not be a lot of equity in it in just 2-4 years as real estate isn't increasing in value as fast as in the past.If you want to build a rental portfolio, your unrentable condo isn't going to help.Buying a new primary, that you can eventually rent out, would be better for building your portfolio.A challenge will be finding a new, TEMPORARY home, for your family that will be a good rental when you move from the area.

But how much do you need to invest in real estate and generate steady passive income?

Hi McKenzie,It sounds like your first renovation project was a great success!

A handyman, hvac usually, painter, lawn guy...Tossing out numbers to give you estimates;I strongly do not recommend new folks flipping buy a junker 2/1, and expect to punch it out to a 3/2!!! 

This way, I can do what I want with it, decorate it the way I want, use it when I want and sell it when I want.

It's very similar to what wall street firms are doing in large markets like Atlanta or Phoenix. 

I respect it, a lot of people buy in markets they are interested in so they can get some utilization out of the property too.  

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

Although max rent maybe $2k they may only give $1k on the tenant's behalf, the tenant would pay the difference in your case $300-$400 it depends on their specific case.