It already costed me 100k for only one unit in the past (before covid prices)Beware of one important thing, you will need to pay QST and GST right after the conversion.

Light rehabs with lower holding periods can work at higher all-in %'s since your exposure to risk (via timeline) is reduced and your holding costs are reduced on quicker flips where conversely, you may need more room for a full gut to the studs rehab as your timeline of holding period will be much larger (as well as your risk factors). 

I've been to a few REIAs in San Diego, some good, but would be great to have some focused conversation with like-minded investors that aren't selling...

Sounds good enough to warrant a conversation that's for sure! 

Based on that you have two completely different approaches, if it is a former it really comes down simply to income you and your partners have and a 25% down payment (assuming you are not going to live there) for a conventional agency loan (FNMA/Freddie) and you will have to put it in your names as no mortgage banker will finance an LLC/LP (there are ways to get around it after you buy it in your name and transfer into an LLC without triggering a due on sale clause but that is a different conversation).If you are talking about a multifamily loan, you can get a down payment for as low as 15% for certain product types (like FHA multifamily) but you would need a loan amount of about $2 million for most lenders.

Please join this conversation .

It sounds like you figured it out but normally the path of least resistance is just to call the city’s building department and talk to them, then ask them transfer you to the zoning department and have a conversation with them.

An LLC definitely offers some protection, but as mentioned earlier in this conversation so does an appropriate umbrella policy.

In my state, it needs to be at least 70 sqft, no wall shorter than 7 feet, a window, closet, door, and 50% of the ceiling height needs to be over 7 feet (for all of those attic conversions we see).

Now I am actively searching for properties, getting the wholesale emails everyday and one caught my eye and I contacted the wholesaler and have started the conversation which come to find out I have spoken to him before with another investor and he remembers our conversation and "has heard good things about me".