House Hacking Basement

[Keri Win]

Hello all, 

First time poster long time lurker. I am looking to house hack in the home I currently reside, I have a partially finished basement that I am looking to renovate into a 2/1, washer/dryer, kitchen with own entrance and parking would be in the driveway. I am Gwinnett county GA. in a very sought after school district etc. that is easy access to the hwy.  I am planning on taking out a personal loan of approx $40K to cover the reno. Rent in the area for a 2/1 basement apartment varies from $1500-2000 from my research. My first question is this good plan as I don't have the funds to buy another property? Also is $40k reasonable for a rehab or is it going to cost a lot more? I am not looking to go too much into debt with the reno. Last question, will the contractor know the laws/requirement for unit to be livable?