His has has 2 bed, 1.5 bath but has an unfinished basement which I’ll be adding 1 more room and 1 more bath.

BP community - I am an out of state investor considering long term rentals in the Grand Rapids area, more specifically Eastown / Midtown neighborhoods.

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I'm not familiar with Indiana law specifically but in Colorado where I am the security deposit is the security deposit and is not paid per person unless you're renting by the room, but if both tenants signed a joint lease a full security deposit should be yours until the end of the lease and it's up to them to handle amongst themselves

My wife and I are in the process knocking that consumer debt out so we have more wiggle room in our investment future. 

Instead, invest in areas with a higher ROI, like backyard amenities, game rooms, and standout design.Most of our clients refresh these spaces with a new coat of cabinet paint, updated flooring, and small changes that make a big impact.

I am wanting to put 2 full beds in the master bedroom and a queen and the 2 other rooms.

If your properties have appraised for that much more than your list price, you should be able to use the higher prices for your appraisals, giving you more room in your LTV and cash back for a cash out refi.You've got options!!

The 2 year certifications require dust swab samples from multiple areas (windows, window sills, floors) of each room (not basements) and the exterior must also pass visual inspection. 

Did you also rent by the room?