Converting Basement to individual unit experiences

[Phil Fowler]

I’m preparing to purchase a rental in Missouri that has a unfinished walkout basement and I want to convert it into a separate unit.

I previously lived in the upstairs unit portion of one and it worked out for both me and my neighbor. My question is cost? What should I expect? I’m a rookie and I don’t have previous relations with the contractors I’m speaking to. What questions should I ask? How much of the cost is labor vs material?

The property cash flows without the additional unit but I’m thinking ahead. Thanks for any advice!