., construction bids, architectural plans, planning letters) that conversion to a more desired set-up is possible   

I have no desire to get sick from a property and I would not want others to, either.  

The money from the refi will be tax free, so you can do with it whatever your heart desires.

With this loan, you could get into a good property that would generate the rents you desire for less than 5% down. 

Its difficult to get a deal on a home that is in good condition in a desirable area.  

As time goes by, you start to realize that this is neither scalable or desired.

If it is a desirable area (like next to the beach or Disneyworld or whatever) this can be a great opportunity if you have the financial means to pay cash and you are looking for a short term rental property. 

What’s your desired timetable for each of these?

During the financial crisis as people lost their homes they moved into apartments.I am fortunate to have found assets which, through hard work, have become ever increasing cash cows- and their appreciation has been increased by market, the new tax law and by force.I am ever appreciative of you passive investors who find rubes to buy buildings that don’t cash flow- you make mine all the more desirable and valuable!

This is part of why MF property is so desirable.