The benefit of making a tenant self-sufficient outweighs any master key benefits for me at least. 

However the cost to build may outweigh the current potential rental income.

Hi, @Mark PayneI'm not a tax professional, but I'm very familiar with cost-segregation and deprecation from an investor point of view.For a SFR the cost of a cost-seg often times outweigh the benefits.

I can hold for a period of time but it of course needs to outweigh the cost of holding it, etc. 

I assume your strategy takes this into consideration but that the benefits of the readily available cash outweigh the potential write-offs?

As well I have Christian morals and ethics which far out weigh any other.

I’m hoping since I can keep construction costs down that will outweigh the lower appraisal and I will still be ahead as far as the refi goes.

The excitement of achieving my goal outweighed the fear.

If you are going to do just one, the headache my outweigh the savings, if you are going to do others, the learnings and headaches on the first build will yield a smoother and easier time on subsequent builds.

@Michael Le I agree the downside risk may outweigh the benefits.