Legally it is not a bedroom because it has no closet, but the previous owner (and even the listing agent when I bought it) advertised it as a bedroom, which is incorrect.

I joined believing the community was here to help its members make such decisions, (smartly), and in some cases, partner together to improve the probability of success (and learning for the newbie!).

You are mixing and matching a number of concepts incorrectly.

Our average online rating is 3.5/5, which is 60% higher than the 2.2 star average of traditional property managers.Sometimes we need to make a tough decision in favor of one side of the landlord-renter transaction and at a negative impact to the other side (i.e. deducting security deposits).

Moreover, Memphis’s real estate market has shown resilience and stability, making it a promising location for long-term investment.As you continue your research and networking, I hope these insights help in your decision-making process.

During your due diligence, you should connect with a mortgage broker, realtor, and contractors to gather enough information to make an informed decision.

Real estate investing can be a great idea for several reasons:Potential for Appreciation: Over time, properties often increase in value, allowing investors to build wealth through appreciation.Passive Income: Rental properties can provide a steady stream of passive income, helping to cover expenses and generate cash flow.Tax Benefits: Real estate investors may benefit from various tax deductions, such as mortgage interest, property taxes, and depreciation.Inflation Hedge: Real estate tends to keep pace with or outpace inflation, making it a good hedge against rising costs.Leverage Opportunities: Investors can use financing to purchase properties, allowing them to control larger assets with less capital upfront.Portfolio Diversification: Real estate adds diversification to an investment portfolio, potentially reducing overall risk.Tangible Asset: Unlike stocks or bonds, real estate is a physical asset that you can see and manage, providing a sense of security.Control Over Investment: Investors can influence property value and income through renovations, management decisions, and property improvements.Building Equity: As you pay down a mortgage, you build equity in the property, which can be accessed later through refinancing or selling.Community Impact: Investing in real estate can contribute to community development and improvement, positively impacting neighborhoods.These factors make real estate investing an appealing option for many people looking to grow their wealth and secure their financial future.It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

I am asking because I am going through the same decision @Kelly Rao did and trying to figure out what would be the best way to go. 

Most cash flow or door chasers fail to understand this and that's what leads to bad investment decisions.  

Any thoughts on if this might be a smart decision or if I should just rent equipment and write-off the costs?