I too am newer to the BiggerPockets space.

I've wondered about some sort of artists'/musicians' retreat space, but not sure about the numbers of that.I would love to hear your ideas!

I would have to do a small rehab of floors and paint and maybe new appliances.I want to do short term rental or this if possible.

Well, generally it means that the living spaces in the home need to be built about the Base Flood Plain Elevation.

IDEALLY, we would like to find a property that has or is capable of being converted into a “mother in law”, “ADU”, “Casita”, or any other separate living quarters in which we could rent out the main portion to a tenant (short term or long term) and then use the separate space as our own for when we come and go with business.

Maybe a really nice outdoor space with tv and fireplace?

Floor boards were severely charred and inspector worries there could be damage to framing in parts of the house we can’t see (in fact, that side of the house seems to be sagging anyways, which is worrisome). 

The way that things like this are typically handled is that if a lawsuit were to happen, since both people have been behaving under the assumption of a lease (the landlord renting their space and the tenant paying rent), they would probably treat it as if there was a standard month to month lease agreement.  

My HELOC is prime +0 with a floor of 3.99. 

Converting the basement to a living space to make a duplex.