Buying house, renovating basement apartment? - Nashville, TN

[Sam LoCascio]

Hey there!

Currently loving the info I've been getting off of BP so I thought I'd ask a question!

I am looking for a new place in Nashville and I'm enticed by these 3br 2ba houses with walk out basements. There are neighborhoods here where most of the houses sit on hills, which give the basement area great sunlight and their own private access. For a first time purchase, I have been entertaining the idea of renting the top as a separate unit and renovating and living in the basement unit. I've seen quite a few of these apartments around Nashville and they seem to make sense cost wise. I know I'll have to obtain permits, set aside costs for rehab, and plan accordingly so the renovations are to code. It seems like a great idea to me but I wanted to get any locals take on the idea as I may be WAY off with my speculations or I may have overlooked something very important.  Any way, if any one in the Nashville, TN or regional area has any insight (good, experiences, bad experiences), I'd love to hear! We can talk over BP or grab coffee/lunch if you're local!! 

Thanks and happy investing !

-SL