Consider this scenario;You reach out to the tenant and decide to move on, you give them 60 days to move.

High rates are here for at least the medium-term (1-2 years), so deals will have to pencil in this current environment.You may also want to consider hard money for your lending, as they can often fund your construction with far fewer restrictions than a HomeStyle loan.

As already mentioned, he wouldn't be able to use rent from roommates to help qualify but based on the numbers you shared there should be a VA option available considering how much flexibility there is. 

In Atlanta, Georgia - unless you get caught doing something illegal, it's considered 'grandfathered in' and won't be a problem when buying or selling.

@Na Connolly, talk to an eldercare lawyer there are likely multiple issues to consider here.

I'm considering selling the property to have cash to look for a 2-4 unit on-hand.

I'm considering leasing out storage space for boats and RVs.  

A little update with the bank, they are now telling me that they aren't even going to consider a settlement or a short sale unless the past due 14 contractual payments (around 8-10k) are paid.

Hello all. I’ve been self-educating  about real estate for about 4 months now. I’m starting to lean more towards private lending as a way to get my toes wet and get my money working for me in a relatively stable way.I...

Maybe consider an HSA for the next year.Hire your wife, kids and other relatives.