However, can you shed some light on how that process works and any time frames associated with that.  

You would of course give up any benefits associated with an FHA such as assumability but it may be a better play financially to do the conversion if the bank is agreeable to it.

I don't know of any local books per se,  but Within western WA,   my best recommendation for learning more about local laws is to attend some seminars/classes by Rental Housing Association of washington state. 

Sounds like you need to join a local association that will have all the answers for you and classes you can take to augment your knowledge. 

-Make sure the math works in regards to cash flow (perfect this by practicing daily) BP has numerous calculators in the TOOLS section- Get great systems in place - contracters, cpa, lawyers, real estate agent, accountants , rental documents prior to closing a deal etc- When taking a loan consider using leverage i.e. fha loan (3.5%), if youre a veteran (0%) percent down - make sure to include the associated PMI (mortgage insurance) in your calculations for cashflow that i spoke of in tip #3.Im a newbie myself and i am currently in my first contract for a MFH.

If the co-op allows you to sublease- they may have a fee associated with your right to sublease.

I carry language in my lease agreements now defining the rules as needing to be honored not only by the tenant, co-tenants, and children, but also the tenant's friends, associates, and family. 

There are less headaches associated with a better quality (i.e. higher paying) tenant, on average.

As you recall, I spent $1,130.00 for the removal of the tree, stump, petrified wood, installation of more gravel and labor associated therewith.

It has been prepared and approved by local realtor association (NVAR to be specific: That's short for Northern Virginia Association of Realtors).