My goal is to leverage that equity for additional income.

Additionally, consider operational costs like cleaning, staffing, and marketing, as they can quickly add up.For management, outsourcing to a professional property manager or leveraging tech platforms for bookings and operations could streamline things, especially if you plan to scale.

Finished basement as well with additional room (and has the additional bathroom). 

Some additional details needed:1.

Regarding insurance adding additional umbrella insurance is great idea. 

Principal balance currently at 314kProperty Details: It's essentially a "2-in-1" property, with the main unit rented out for $1,900/month and an attached ADU bringing in an additional $1,200/month.

If we sense there is a red flag, were asking them to upload additional documents like tax returns w2's etc.

Does anyone have an example of what a contract should look like and the details in the scope of work?

We rehabbed the entire property and added an additional bedroom to each of the units.

Additional charges will be added to the next month's rent and due and payable at the same time.