Additionally, understanding the rights and responsibilities of both tenants and landlords under this program can foster better communication and smoother interactions.

However, in most markets I would assume an additional full bathroom would not only command higher rent, but would increase the equity and appreciation.

There will also be closing costs to refinancing into DSCR.Lenders need 6 months to refinance a loan, anything sooner, you're probably paying a good amount of points / DSCR has to be rock solid.There also may be additional costs in maintaining your property.

Additionally, the rental arbitrage strategy is not investing, its operating a business.... an extremely risky business.

Quote from @Eric Huntermark: Additionally, as I'm thinking about conventional loan products as well.

1) Renting garage units2) Additional Pet Fees3) Adding flooring insulation in the upper unit led to improved efficiency and sound reduction for lower tenants.

In addition, if you're actively flipping properties in the area, I currently have time on my hands and I'd be happy to support you in one of your projects in exchange for learning in depth about the process. 

Sorry one additional item I hit post too soon...The reason I asked about TIA is because you generally want to get a contractors opinion of cost prior to lease during that negotiating phase so you know how much that TIA covers and what you'll be coming out of pocket for.  

In addition, you've got your HELOC on your primary you'd have to be paying back also.

$30k in additional value for $5k invested is a great return.