Renovation question/ do or don’t

[EJ K.]

My wife and I live in our second property which was a 1500 square foot 2 bedroom (loft as well) and 1.5 bathroom. 
I am graduating residency and moving and we are converting this into a second rental property. We got a contractor to add ceiling fans to each room (No prior electrical to ceiling), convert the loft to a bedroom (added a closet to make it formal), and redo our floor in living room (from carpet to vinyl) to prepare for rental.

We’re getting all of this for about 3 grand.

Based on the picture let me know what you think. He offered us extending the floor out to recreate a new loft and square footage. We pay materials and one guy 20 an hour and the other guy is a family friend/I pay him with medical care. Is it a worthwhile endeavor to call in a favor on a task like this?  He also said I could turn that new area into a bathroom but that would be more costly but would make it 3 2.5 instead of 3 with a loft and 1.5.

Any info is appreciated. I don’t want to use him if it’s not worth it, as I will be asking him for other favors like finishing a 1600 square foot basement