Ensure all smoke detectors are accounted for and have a working battery.

If you find a smoking deal, borrow some from friend and family, take it down with cash and then fix and refinance and then pay everyone back.

The lenders know odds can be higher the tenant goes dark and the lender wants to know the borrower can keep paying on a vacant property and have enough money to pay all the fees involved to lease it back up.So in the past (FASB) Financial Accounting Standards Bureau the tenant only had to book a partial primary  term lease value for their debt load.

Unmitigated water damage becomes mold damage and and there is the potential of extensive smoke damage in the same airspace.

What do you think would happen if the tenant burned down the property and your insurance came to find out you were not registered as a rental and didn't have the city required smoke detectors. 

At this point I'll likely be taking a shot in the dark when running my own numbers in the calculator, because I have limited construction experience from Habitat for Humanity.Do you have any tips on figuring out what a close approximation for each expense would be?

Our last crazy obnoxious tenants (told my hubby he was "racist" coz he asked both Caucasian husband and Asian wife if they smoked dope; turns out she did, vs. our policy of no smoking!)

Its more important to have the intent correct: ie 'no burning of any substance' to cover smoking then not to have any mention.

I have dreams about those dark chocolate meltaways...I get where you're coming from.

I prefer to have a non-smoking building.