For 11years they paid rent like clock work, then one day they shut their doors and did not fulfill the rest of their 15 year corporate term. 

(even more expensive due to volume and high overhead)I brew better (and cheaper) coffee at home than either of these two options :) 

I am a first time real estate investor looking the following property : https://www.redfin.com/OR/Forest-Grove/2418-Cedar-Cir-97116/...its a pretty large duplex in Forest Grove OR,  the trick is though, its on a lot zoned for a 4 plex so I am lookinginto house hacking, converting into a triplex, then living in one unit while renting out the remaining two unitsThe left garage has been converted to living space, with a living room, half bath, a laundry room with a sink and some counters/cupboards and a bedroom, it is a part of what was an existing 3bd unitIf I were to acquire the asset, I would first attempt to convert that space into its own unit The line items as I see (be in mind, I am totally new to this) would be to >put up dry wall where the door to the rest of the house is,>add a shower to the half bathroom >install a water heater in the adjacent 3bd unit> install a kitchen in the laundry room, (stove , oven , sink, counter space)>add a shower to the half bath Assuming I can convert it to a 3plex, I could at-least cash flow on my investment after I leave My plan would be to put minimum down payment of 3.5% (FHA loan) that way I can have a decent amount of capital free to do the renovationsThe only concern is when I crunch the numbers to get my ROI, I have no idea how much its going to cost to convert the additional living space to a third unitAny experienced investors here know how I can estimate this before I try to make an offer?

He eventually started his own syndications.There are many syndications that are reliable: Open Door Capital, Wellings Capital, Ashcroft Capital, etc.I recently invested in a winery/wedding venue.

I have door alarms that start beeping after the door has been open more than 30 seconds. 

I will do it even if I can't get all my cash back at refi as long as two conditions are met:1 - I get all my cash in back by the end of the year (through cash flow)...which means at least a COC return of 100%.2 - Once financed, I still ge a minimum of $300/month cf w/PM.

I do accept 1 dog with an extra cleaning fee but not two.

I'm sure their has to be at least one or two local wholesalers that show up.

Second option, if it's even valid, I could build a new house in one of these new communities and then have the house for another few months and sell it (assuming that it would have increased in value) Any input to any of these two strategies would be highly appreciated!

He listed it for 1.2M two years ago and it didn't sell, so he's been renting it out.I'm looking for some advice on questions to ask him when the agreement is presented and your advice is appreciated.