After sitting vacant for a while I'm entertaining the option of converting to residential units.

If it doesn't happen often you could roll the dice and always convert back to a LTR if you had to.

Purchase price: $350,000 Cash invested: $10,000 Sale price: $435,000 Primary residence converted to a rental after 2 years.

Converted it into a 3bed 2 bath.

Converting an unfinished basement into a third unit can definitely add value, especially here in Chicago.

Converting OP units to shares of the REIT creates a taxable event.Ok thanks.

During the "fix up" process, you would use a different kind of loan that will end up converting to a DSCR loan once you have tenants living in the unit(s).So, I would need to use maybe a construction loan for the renovations and then convert it to a DSCR loan?

Lastly, ADUs are allowed for NON owner occupied properties, opening this strategy up for investors who could convert a SF into two units. 

He was freaking out because they rejected his crypto downpayment and he could not close.When dealing with banks and the government, best to convert to cash 60 days in advance.