Advice on reconfiguring a floor plan

[Michael Lettieri]

I’m interested in a multi-unit property but for one of the units the floor plan is all wrong. The right thing to do is to reconfigure the floor plan from a 1 BR & 1 BA to a 2 BR & 2 BA. In order to do this I need to take some space from the common area/hallway. With square footage around $500/SF this extra 100 SF I would take from the hallway would add at least $50,000 value to the home. I’ve never done major renovations before and am nervous about the time it will take to get approvals from the city to reconfigure the floor plan. I’m already short on cash and am considering renting it as is, a poorly laid out 1 BR and 1 BA. I’m thinking this will then give me time to save up for the Reno and get approvals from the city etc.

Does anyone have experience with this type of Reno? I’d appreciate any advice.