The other option is to find your very own private lender (essentially just a person that has a large amount of cash themselves) and partner with them for the purchase or try to convince them to lend you money their money for similar terms as an HML except they do 100% financing.Either ways, run the numbers and weight out the costs and benefits.

20 x 20 would be 400 .Sometimes carports don't have the best roofs,  They need to be beefed up with extra supportto take on the extra weight of the conversion. 

I'd also weight the liquidity of the investment in considering your potential return.... if you lock yourself in for a year and there is a favourable shift in the RE market or in your financial situation, you won't be able to act...

That being said, I don't think an appraiser will put much weight on outdoor amenities.

There must be a reason though, cost, weight, etc. 

Sure, the risk went up, but the goal of the asset protections should be weighted with the hassle factor, cost, likelihood of losing your assets also, IMO.

But yes, just because you can't evict at the moment doesn't mean you can't FILE to evict... which still holds similar weight on their record; it just won't go through until Murphy wakes up. 

Check out David Greene's BRRRR book - its worth its weight in gold!

Green Street Commercial Property Price Index places more weight on high-quality properties, e.g. a New York skyscraper has a much greater impact than a suburban strip mall.

A good financial advisor is worth their weight in gold.