If you’re responsible for that 3rd bedroom they could eventually move into a 2 bedroom, if they are willing to do that.

The lead is only the first part, you either have to sell the lead or convert it.

.• No basement storage, however had a builder over last weekend to discuss converting a large attic space via outside egress into a storage or leisure area (down-the-road value add).

We have a property acquired in a 1031 exchange, which we rented out for 2 years and then converted to our primary residence. 

We plan on renting out the first property and eventually the second.I'm also from Jax if you have any questions!

Converting that property by changing the use of it does not create a taxable event. 

I do plan on converting the garage back over.

The goal is after we leave here in 3 years we would eventually rent it out either long or short term depending on how the numbers work out.

Are you getting 25% ownership rights to an existing rental business, or are you purchasing one of 4 condo units in a converted building?

More of the same is usually the key to incremental improvements (or "kaizen" if you follow Toyoda inspired management theory), synergies, efficiencies and eventually mastery.However one duplex does not make a strategy - I changed to SF after my first duplex almost 10 years ago after I realized I did not have the time to scale the more management intense 2 families.So I would ask the question, what are the 10 next properties you will acquire?