Their answers are always along the lines of "no money down" or "you can use it basically an unlimited amount of times".

You would have to self-manage though, as paying a property manager will eat up most of your profits.

Have you lined up contractors yet, or are you considering doing it yourself?

The biggest challenges as you get into more complex builds are if you are dealing with anything structural (rearranging the floor plan, removing load bearing walls), if you are adding square footage (it sometimes is tricky to tie the old building into the new building), or if you are relocating a lot of plumbing (moving sewer lines is messy).My recommendation would be to hire a qualified general contractor and you have way less to worry about.

If they are elderly or disabled the court can grant them up to a year to remain in place (they do have to pay use and occupancy during that time).

You don’t have to use it like short-term debt—you can pull from it strategically and pay it back at your own pace.

I would strongly advise you to pay a visit to the City and walk/drive it with someone who knows the various neighborhoods and property values.Much of our multi listings come tenant occupied.

Seems to be in good condition from the pictures and I have enough that I could pay for some CapEx if it needs some.

If you live there 2 years or more before selling you will be exempt from tax on the 1st $250k in profit which is a nice bonus. 

I received a bonus of $6,000 and I thought I was rich.