Unfortunately haven't heard much from her since, though the initial conversation went well. 

I plan on having conversations with each of them regarding their experience and plans for bringing on a new broker. 

I always love a good conversation about real estate.

In order to "do anything" as far as conversion or repositioning, you will need to get a certificate of non-harassment from each and every resident.

Have more conversations with more investors, the more potential clients you talk to the more you of an opportunity to fix something or solve a problem.   

I guess my short question is how to open up the conversation with the property management companies.Thank you!

We’re doing some updates and plan to do the conversion this Spring!

This isn't a protected class federally but it sometimes is at the state or local level.If they do have such a law, you have to take a Section 8 voucher (conversely, if that law exists, people in your area couldn't do what I do, which is ONLY take Section 8 tenants). 

Starting the conversation is the hardest part most times. 

Each has different tax implications and lender may or may not allow.The two of you should have a conversation with a knowledgeable real estate attorney, just be careful they don't gouge you.Let us know how else we can help:)