It makes good money and works for me.

For me personally, I would leave it a loft so the renter could have a playroom for kids, office space, family room, etc.

@Jon Schwartz also has an awesome calculator you and your target audience can download.

Some cities are now giving you money in the form of a loan to help build ADU's, which is great.

I was told if I could show a professional license such as a broker license I might get approved but the best option would be a Private Investigators license, otherwise, they didn't see any other path to approval for me or my company.

I have forms, but don't use them anymore. 

If the STR is placed into service at the end of the year, they can use the paper-loss from the STR to 'potentially' offset other forms of income such as wages, interest, dividends, etc.Best of luck

Not fun or enjoyable in any form or fashion.  

I'd form an LLC or Corp to hold the title.

Asking in the correct forum will get a better response.Need a spreadsheet or form?