I would go ahead and replace the hot water tank if it’s from 2006… it’s probably about to blow.

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.

I personally like the self-storage and NNN space in today's market conditions. 

Also, I installed additional cabinet storage in the kitchen since I was renting by the room.

Fantastic storage.

@Sebastian HauerI am a commercial broker in NC if you are looking for 5 units or larger, any commercial land/development play, or a commercial business like storage. 

We found many issues with the home including non-permitted work, issues with the septic tank and even some illegal things the seller was doing.

There are the things that could pop up (septic tank issues, survey issues, etc.) but with a conversion, there are also more likely to be permit issues, zoning issues, etc. but it seems like you have that portion under control.There are also things that you may not think about (parking, splitting utilities, etc.). 

The entire mechanism inside water tanks has been replaced with the standard valve and flapper.