Thank you, maybe I should check out the zoning first. I know there are a lot of illegal basement apartments being rented out in the area below these two family homes, I just know if I go to sell one day I won't be able to sell it as a 3 family home. I just don't know what route is better to take. As of now it's a fully rented two family home with a large unfinished basement. The basement has it's own separate entrance and it has electricity. It's also going to be a very expensive project to finish. I'm pretty sure I can get good rents on it but I don't want to get in trouble for having an illegal renter. I can go the route of trying to find out the zoning laws in the area and see what it would take from the city to turn it into a legal 3 family home, which later on down the road would increase the value of home substantially if I wanted to sell. Otherwise, I could talk to a few contractors and get some quotes on what it would cost to finished the basement, but I'm not sure how that works with getting permits from the city as well. It's a little overwhelming and this is my real property investment where I have the chance to add a lot of value.
Which route would you take?
