A garage conversion, however, may not be subject to the same level of scrutiny.Parking Considerations – Parking is becoming increasingly valuable, especially with the rise of high-density micro-units that often lack designated parking.

It just takes good design.

My wife is a wizard with interior design so we make a great team.All of that is wonderful, but what's next.   

- We have 5 to choose from, depending on the property and feedback.On another note, what is your PMC doing to secure the property against squatters and theft of mechanicals?

So you would either need to learn a lot about how to be an awesome STR operator and you would probably need to put into your home $20,000 to $100,000 in adding furnishings, design, and adding amenities to make the property desirable.

Full gut renovation, including but not limited to full replumb, full rewire, complete mechanical upgrades, and new apartment finishes from studs.

Typically people making the designation a private lender is someone you know and have a relationship with and will privately lend you the money.

You'll have a bigger footprint to add cool design elements and offer more amenities to guests. 

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

Definitions:Full GutFull demo and clear out down to the studsReframe PropertyCompletely New Mechanics (HVAC, Electric, Plumbing)New WindowsFull drywall and paintNew KitchenRedo Existing bathroom and likely add a full bath in basement and/or ½ bath on 1st floor (comp dependent)Finish basementReplace flat roofNew Flooring down to subfloorsBreak, Flatten, Pour new Basement concreteThis assumes no underpinning or structure is needed.