We're contemplating allowing pets, as there will be no other roommates besides us and we don't have any allergies.Questions:- Considerations for Allowing Pets: What factors should I take into account when renting to tenants with pets?

But basically with a construction loan you will need to have considerable cash involved - most costs need to be paid for and then the bank will reimburse at certain checkpoints.You may want to start with some smaller value adds inside the existing house to maximize rent from the house hack. 

Also if a unit is renovated then the rent can be increased by a considerable amount. 

But it gives an idea of the basic considerations and protections you want to have. 

If you are planning on living there (ie in 1 unit) then you are house-hacking and this is a different calculation consideration then renting out both units and making it a true investment.

@Nate McCarthy the odds of disputes arising are considerable.

Kudos to you all for taking the time to address the main considerations (timelines, finances, relationships/family planning, etc) before getting too far down the path. 

Make sure you understand the auction process and are prepared for any unseen issues with the property.Auction Considerations: With auctions, pay close attention to the condition of the property, title issues, and financing restrictions.

Thank you so much for this information that I will be taking into consideration!

I would gladly invest into it and put a considerable downpayment in todays market - ensuring solid cash flow.