The shower is in the basement under the stairs (yeah, this tiny structure has a basement) and there's really no kitchen.I had a contractor eyeball it and he said he guessed it would be about $15k to redo the place (move the shower/sink into the bedroom, convert the upstairs entry area into a tiny kitchen, consolidate the furnace/water heater with smaller units and move them to a corner, and then have the basement be the living area. 

We have also ruled out and FHA loan.Seller currently has it on the market (according to Realtor.com, it has been listed for 44 days), needs major TLC but has fantastic bones and know we can reno while we live there (and put MIL in the converted garage).

I currently own a duplex, I’d like to convert it into a four unit.

How do I convert my current into my first rental?

Are you getting a lot of traffic, but struggling to convert it into leases?

I did one of these in Seattle and we actually converted the bottom into an Airbnb as well.

The couple months of shutdown to STRs in that area scared a lot of owners, and they either sold or converted to LTR.

The home had previously had a garage converted to living area.

I have a property in central Dallas that is identical in size and zoning to other properties in the area that are being converted to muitifamily 5-plexes.  

You can always convert equity to cash flow.