At that point they also have the right to move out of that unit and turn it into 3 unit rental because again now that it’s not an FHA loan they are "NOT" obligated to live there after the FHA to conventional conversion refinance.This is one of the better ways to approach the BRRR method but you still must qualify.

I'm a little late to the conversation, but I've been keeping my eye on Grier Heights.  

Hotel To Condotel  LoanProperty Status Rehab Mode Approx 50% Of Units CompletedCurrent Purchase Price $7 million$7 million/130=$53,846 per unit purchase priceNearby Rental Income Per Unit Is $1,280 per month$1,280x130=$166,400 Gross Monthly IncomeGross Yearly Income Is $1,996,800Gross Income Over Life of Loan With No Rate Increases $59,904,0008.5% LTV $59,904,000/130=$460,800/360=$1,280Average Daily Rental Income Amount Insured $43.64 Loan Amount: (75% of $7 million) $5,250,000 Loan Interest Rate: 7 % Loan Term: 30 years Monthly Principal: $14,583.33 Yearly Principal $175,000.00 Monthly Interest: $30,625.00 Yearly Interest $367,500.00 Monthly Tax Amount $7,583 (130x700) Yearly Tax $ 91,000.00 Number of Payments: 360 P/I Cumulative Payments: Yearly $542,500 Lifetime of Loan: $16,275,000 Total Interest Paid: $11,010,000 Use of Funds: $1,250,000 million to investor/owner$ 4 million used to cover monthly expenses for 48 months while conversion is completed

Indeed, as Allan laid out it is rare to see high levels of conversion with cold email marketing BUT I'd argue that is primarily due to our approach.We instinctively think, as @Keegan Van Kooten outlined above, that we should lead with us (who we are, what we can do for them, etc). 

A legal mother/daughter conversion. 2 separate entrances, 2 kitchen, etc. 

I'm assuming that's how I should think of calculating it, but I'm not certain on the conversion rate I should expect.He would also be living in the home and I would purely be operating as an investor.

The opportunities will present themselves, you just need to be available to participate in those conversations.

I would dive deeper into the conversation and see what you can make happen that way you can have a better plan. 

I'm looking to chat with someone about options I can throw out to the seller and how to have the conversation with the owner in general.

I messaged maybe 20 people, ended up having real conversations with about 8-10 and the one I booked ended up coming back to me after these conversations.