Inherited home. ADU?

[Greg B.]

Hey everyone,

I'm absolutely thrilled to be a part of the BiggerPockets community! I recently inherited my mother's house, and I'm excited to kick off my real estate journey with it as a tribute to her. The house is a high ranch single-family home with three bedrooms, a bathroom, living room, and dining room on the first floor, and a finished basement that has a full bathroom, bedroom, and common area. The basement in total is 650 square feet. A family member is currently living upstairs and paying rent while the basement is vacant.

I'd love to hear your ideas on how I could make the best use of the basement space. I'm considering turning it into a separate apartment and would really appreciate any suggestions or advice on how to make that happen.

Lastly, I have been researching HELOCs for possible use as a downpayment for a separate multi-family home. What are your thoughts on using a line of credit for another property today?

Thank you all so much for your help!