Alternatively, using part of those funds to pay your current mortgage might help create additional borrowing room.

Do you have other properties that are paid off or could be part of the loan to provide that additional equity to the bank?

Additional resources I'd recommend are:- The millionaire real estate agent by Gary Keller- David Greene's books from the BP Bookstore- The E-Myth by Michael Gerber*** These are not resources related to the course but are helpful for anyone looking to get into the business

Moving forward we would just add it in the parking areas as well (the cost was not that high, just needs a good electrical source nearby). 

Additional things to consider: where is the breaker box and do both units have access to it if needed?

It costs me $50/ PER MONTH and I can use it as a hotspot at no additional charge. 

Additionally I need an inspection every two years. 

@Brett Jones yep they are expensive, especially at that scale but consider the maintenance costs of additional heating systems and how he numbers change with more units.

It's not great either but they are stating if given this deal once I have 5 properties; they will allow me to convert my 5 properties (I have an LLC but the properties are all in my name not in the LLC yet) over to a commercial loan (5 properties min) and give me a line of credit to continue buying additional properties.

Permitting for additional bedrooms and garage conversions requires compliance with zoning and building codes.