Here are some key reasons why many investors make this transition:Economies of ScaleIncreased Cash FlowRisk DiversificationProfessional Property ManagementEasier FinancingScalabilityProperty AppreciationTax BenefitsHowever, it's crucial for investors to thoroughly research and understand the unique challenges and considerations of commercial multifamily investing, such as market analysis, property management complexities, and potential regulatory issues.

Additionally, I could enter the fray of the council meeting putting as a potential buyer, describing my idea for the property and helping sway them into allowing nonconforming use.

With your budget, you could potentially get a pretty solid deal.

@Matt Everling I wanted some diversification outside of my Florida market and I looked at the up and coming areas in the midwest with good potential for stable cashflow and lower entry points.

@Joel Scarboro You have the potential to benefit from a cost segregation study, but determining whether to do a cost segregation study or not has a lot variables. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Use BP Calculator(s) to show the potential investment returns.

The area around it is the fastest growing in potential revenue per sq ft.

One potential way to structure a scenario where a long-term tenant of a single-family home can receive homestead exemption is for the homeowner to designate the tenant as a co-owner or co-borrower on the property.

I would keep it as a residential building and operate the STR which is practically the same as hotel .