If your numbers are accurate and you have 20% to put down, you shouldn't have any problem getting a conventional loan UNLESS you don't have another reasonable source of income.

I am upper 30s and looking at this for additional income and possibly a career change.

I know I will have to pay incomes taxes as apart of this conversion, but I've been doing some reading and can't seem to understand if I will also be hit with additional taxes as a result of something called "pro-rata rule".

This longer life would negate some of the tax benefits that are afforded to owners of residential rental properties (due to the shorter depreciable life on those types of properties), and would most likely cause your rental income to be taxable more often then not, right?

whether its a VA loan or Traditional loan it should not matter, as long as you have the right amount of the loan and the right interest rate. there is the option of sharing the calculator at the end of the sheet, you can put the link on here and let others check it if you want. but would also need to have list of your expenses and income so that we can see if everything was inputted right. if you do not want to put that on the forums, i would be happy to check it, just send me a message with everything.

Hi gys -This time I went for loan - I was told the Debt to Income ration has to be under 49%.

My recommendation would be to focus on investing unless the debt is directly hindering you from starting such as credit or debt/income ratios with the lenders that you are dealing with.

Don't forget Florida has no state income tax.

You need a legal professional who is tough when needed, wise and very experienced.Legal expenses are deductible against taxable income if you're structured properly.Then again, this is the type of expense you should only need to put out once.All that said, of course, it sounds like you need to be dealing with the local LLC-friendly banks. 

I've been browsing this forum for years and listened to countless podcasts and I purchased 2 books by J.Scott who seems to be the father figure here in BP.I feel like the only way I can finally "get it" us by doing it, but the problem is I live in SoCal and with my savings and my income, no bank would offer me a loan needed to flip a house...