Would really appreciate any comments/thoughts/suggestions... or 'dear god man run away from that park comments...'

When your Dear Old Great Granma goes off to her Final Reward, she will typically leave behind a house chock full of mementos, from the basement to the rafters.

Then we will have to go with the Gas forced unit with the trunking or you could have 2 window unitsBid for remodelingDemo upstairs kitchen and tub and bathroomremove all debris from in the crawl spacekitchen down stairsremove tub shower down stairsremove old wall furnaceremove old carpethaul away all trashWindows and doorsall windows need replaced 14 total, the upstairs windows need to be special glass because of the coding from the building depart for height restrictionsFront door need replacedAll interior doors need replacesUpstairsWalls will need to be removed and replaced to convert to a 4-5 bedroom homeAll new interior doors need replacedPlumbing removed there will be no bathroom upstairsBathroomA brand-new bathroom will be installed with a tub shower, vanity, toilet,an faucets.

I think it could take less than a year but folks usually think they can do this in 2-4 weeks and are disappointed;-)I'd see what's been done similar to your project in the last two years and check with those contractors, & developers for hard numbers, then meet with the Building Department and Neighbors.

You will find the instructions on the department of treasury internal revenue service publication 487 (Rev. 1-2006) Catalog number 46553K www.irs.govLet us know how it goes. 

The Zip code of 48221 is next of the list, here is the link https://detroitmi.gov/departments/buildings-safety-engineering-and-environmental-department/rental-property-informationI believe renovating and selling for top dollar would be in your best interest. https://www.clickondetroit.com/news/defenders/detroit-landlord-jailed-for-code-violations-including-apparent-black-mold-raw-sewage-at-home

The Austin Code Department is hosting a webinar today on short-term rentals & compliance.

@Prisha Acquesta check out the department of licensing where you live to see what the requirements are.

Here in Sacramento you just walk in the planning department, take a number and ask someone. 

During the last cycle, circa 2004, a close and dear family member purchased a single family home in Sacramento, CA.