Next, arrange a site walkthrough to pinpoint any additional needs or potential challenges.

Additional Fees. 

You might have additional items depending on your market.1. 

It is currently a glorified finished attic with little room- Use addition and raise it up and extend it to the side of the home for more finished space and room for deck, washer/dryer room etc- Make the living space as functional as possible with the added sqft- Add outside living structures like deckThis is a fairly wealthily area and I want to maximize my ROIWhat are some things you recommend for a large scale project like this and what are some hurdles ?

Additionally, creative revenue streams like adding storage or premium amenities can boost NOI.

The refi or additional debt of any kind will impact the current performance of your property I'm never a great fan of selling a good producing property - unless I am certain I can improve the overall performance of my portfolio. 

If rents are under market, consider small increases or exploring additional ways to optimize your cash flow, such as taking on another roommate.Refinancing is also worth exploring in the future.

It would be best to schedule a call so that these items could be discussed in more detail and provide answers to any additional questions you might have. 

Here are two deal diaries of such setups -- one, a young couple who were living there and renting the place by the room, and the other, a young couple who were off-site but still rented by the room.It can certainly be done and is a great way to get your first place, have mortgage reduction (maybe even cash flow), and get some landlord experience.

Even if you had to exceed that, as single you could convert an additional $485,050 above the $63,350 (or $503,350 if married) and you’d only be taxed at the 15% LTCG tax rate (not counting any state if applicable).Each year I’d get my taxable income as low as possible to give myself as much ‘room’ as possible in the 0% tax bracket and convert the max amount possible.