The way I interpreted the conversation is: there is "a program" that's catered to vets to help with housing. 

I've had conversations with my PM where I invest and there are places she would love to manage, be okay managing, and only manage because I have 30+ units with her.

When that phone does ring, you want to be able to have a business like conversation and not stumble around.Good Luck!

Since I didn't hear the conversation, I can't be specific as to what might have occurred.But here are some likelys, you say:1.

But, honestly, there's no stipulation for anything like this in the lease, and they're nice people, so I'm just unsure how to go about having this conversation with them.

Response rates are not great by any stretch of the imagination (at least for me), but occasionally someone does reach out and at least allows a conversation to begin. 

I would never do this unless there were some serious financial benefit.On the other hand, I just conversed with someone yesterday that willingly loses hundreds of thousands every year by letting someone else arbitrage his properties.

The conversation should be about how much real estate values will drop.

Any issues with permitting / conversion of the 4th BR?

Conversely, as a seller, you want to maximize price, regardless of your valuation.TakeawayThe best investors know that valuations should not be driven by emotions or by their perception of a competitor’s or seller’s value.