Hacking my existing home

[Jeff Mauerman]

I am recently divorced and paying both spousal and child support, so my income has been cut roughly in half. I am looking for ways to generate revenue so that I can start to rebuild my retirement.

I own a home on six acres in rural West Michigan in an area that is popular for hunting, fishing, hiking, snowmobiling, cross country skiing , and water sports. It is less than an hour from four metropolitan areas, and about an hour from Lake Michigan. It is a three-story house, and the lower level (walkout basement) is laid out very much like an apartment. It has a large bedroom, a family room, dining area, full kitchen, and a three-quarter bath. The space is fairly well lit with good windows, and also has ample artificial lighting. It has a somewhat rustic feel, including a woodstove with a large field stone surround. There is the main kitchen upstairs, so the lower level kitchen could be exclusively for the renter.

There is no way to completely separate it from the main part of the house, as it also has the laundry machines, furnace, electric panel, and storage areas I need to access. It is also tied to the central HVAC so no separate controls.

I am considering making it into a short term rental, or possibly renting it as a “room“ in my home I to a full-time renter. Either way, the space will need some refreshing, specifically new flooring and some minor bathroom renovations. It is roughly 700 ft.².

Given this information, where would you recommend I begin? And specifically, am I better off getting a full-time renter, or doing a short term rental (which I think I would prefer so I can have privacy when I wanted)? thanks in advance for any ideas you have.