I like the idea of opening up the mud room entrance as well.A point of clarification - the light blue opaque rectangles in my diagram are windows; the transparent rectangles are doors.

It was a 15ft. wide x 40ft. deep rectangle and had value only because it was adjacent to my sister's home in Provo.

The lot dimensions are 241x65; but we have an alley that runs along the back of the lot so if the 65 is too narrow (and we couldn't get a variance) maybe we could split it in 2 squares instead of 2 rectangles. 

He also said it was fairly cheap, as the carpet place didn't need to install, just cut the rectangle, bind edges and you pick it up.

Saying there isn't would be like describing all squares as rectangles, therefore all rectangles must be squares.

.), etc....didn't have that same opinion.There are a lot of comments I could make, regarding every item you mentioned above, but instead of writing the next American Novel, I'll just summarize it all with one simple statement:"All squares are rectangles, but not all rectangles are squares". 

Remember, all squares are rectangles, but not all rectangles are squares.Plusses include very low cost to the investor, and very fast recovery of that cost (can be hours if you're set up correctly).Negatives, include misunderstanding why you must keep the lease and the option separate, as well as making sure you don't give any "credits", in any way, to the LO tenant/buyer.What makes this work is doing a "sandwich LO", and what takes the negatives and makes them positive, is when you have the tenant as a regular tenant, and the buyer a different person (REI).There's a lot more to it, but that should give you the basic answers to your questions.

All squares are rectangles, but not all rectangles are squares.

It may be for someone else though.All squares are rectangles, but not all rectangles are squares.

I also visited the area a few years back and met the nicest people  :)I've noticed that property taxes are quite high in Douglas county and was wondering if someone could explain some numbers I came across on the Treasury's website.After looking at a property I saw on Zillow selling for $135k, I looked up the property taxes on the Treasury's website to find that they amount to $3,289.78 for 2018 (see red rectangle in the screenshot).