Hiring Neighbour as contractor?

[Yee Chin]

I am looking to buy a semi-detached house (contracted but not yet close) with the intention of converting it into a legal triplex. This is an investment property and I will not be living there. (I live ~30 min away by car.) I am just at the planning stage and haven't committed to any contractor yet.

Today I notice that the next door neighbor (literally the house I share a wall with) recently put up a sign for contracting work. I googled the name and didn't find much, aside from some recent ads in a Portuguese community newspaper.

I'm tempted to call him for a quote but I'm wondering if it's a good idea. Has anyone had similar experience? What are some potential pitfalls?

What I can think of so far:

Pros:

- Convenience

- Build relationship with neighbor 

- If things work out, can use him for small fixes on a day to day 

- Potentially develop garden suite together down the road

- I know where he lives so he's less likely to run off with my money?

Cons:

- If he is a homeowner, he may not be thrilled with the idea of a triplex conversion next door (even though its completely legal and allowed by the city)

- If things don't work out, he is still next door and could cause potential headaches

- No referral from anyone I know