A five (5) year holding period as rental property is very good (conservative) so you could certainly change your intent in five years, build a home, and convert the property to your primary residence.  

Is it worth converting?

Note that if you were to convert it to a triplex you'd need two forms of egress coming out of that 3rd floor.

Here are the details:~4600SqFt7 bed/ 6 bathBuilt in 1957The tank is raised and requires a lift station which was just replaced according to the listing agent.My understanding is this was originally a massive house that was converted into 3 units.

All of the books and “How To’s” have prepared you for the next steps on converting the home to your first ever rental property.

Converting from gas to all electric.

You'll also have to consider the extra $$ going towards adding utilities and mechanicals, it can be near the 100k mark by the time your done converting.

I personally wouldn't let a death in a home affect my purchase decision but I can see how it would be looked at differently by some.There's a small commercial building (converted house) in my town where a young woman was murdered and that thing has been slowly falling apart as it's been on the market for years and doesn't sell.

You can make those structures into rental homes, into the manager's unit /office, or you can convert to a clubhouse or any amenity that will add value to the park resident experience.  

If an S Corp that was formerly a C Corp sells appreciated property within 5 years of converting to an S Corp, it must pay additional tax on any appreciation in the property value which took place prior to the S Corp election.