Assessing the renovation's financial viability should come first.

Many homes are overprice but even at tax assessment value, the rental income is not meeting the 2% rule.Am I mis-interpreting this rule?

From looking at Furnished Finder, Craigslist, Fbook marketplace, Zillow, the rents for MTR vs LTR don't seem that different (although are a bit all over), and I'm having a hard time assessing demand for MTR. 

They can help structure the deal, assess the financial feasibility, and connect you with potential investors.Due Diligence: Conduct thorough due diligence on the facility, including financial records, operational history, regulatory compliance, and potential for growth.

Hey @Jeroh Odafe, we have a proprietary BRRRR calculator and I've assessed the contemplated transaction with our tool.

When applying for a joint mortgage in California, lenders will typically assess both of your financial qualifications individually and consider the property's use as both a primary and secondary residence.

To do this present your opportunity with all the details for assessment. 

(And that assumes your HOA is very well run and you are not surprised by any special assessments.)  

Investment in this area tends to be block-by-block so as @Paul De Luca mentioned, it's worth driving through and assessing prior to making any investment decisions.

To decide, consult local realtors, crunch the numbers, and assess your risk tolerance for the best fit to meet your investment goals.