An example of that is tenant must pay for additional electric over flat fee / flat limit since now there is 2 occupants in the home instead of originally one.

You need to pay your mortgage, car, electric, water, phone, etc.Now, here's where it gets super tricky, I guess, so I'll try to be as clear and concise as possible:DON'T TOUCH THE FIRST TWO.

Community water, and electric are at the street.

I carried double the cost on Gas and Electricity to be safe. ==== Projected Income ====**Off Season**-$4,000/Month Rent Period: September - May (7 Months) Projected Income: $28,000**Summer 1**-$8,000/Week Rent Period: June (4 Weeks)Projected Income: $32,000**Summer 2**-$8,500/WeekRent Period: July-September (12 Weeks) Projected Income: $102,000**Optional** (Basement Apartment)-$2,000/Month -Rent Period: Year Round Projected Income: $24,000TOTAL PROJECTED INCOME: $186,000 ==== Operating Cost ====-Mortgage: $84,000 ($7,000/Month) -Utilities: $36,200Gas $6,000 ($500/Month) Electricity $6,000 ($500/Month) Internet $2,400 ($200/Month) Garbage $5,000 (Estimate) Pool $4,000 ($250/Week)Landscaping: $4,000 -Mowing: $2,400 ($150/Week)  -Clean Ups: $1,600 (Spring & Fall)-Weekly Turnovers: $8,800 ($550/Week)==== Legal Cost ====Summer Rental Fee: $20,100 (15% of $134K)Sandwich Rental Tax: $6,855 (15% of $45,700) NET PROFFIT: $38,845.00

Purchase price: $630,000 Cash invested: $120,000 Completely gutted this property, brand new electrical, furnace, propane, finished basement to create separate unit.New garage with rental unit.

Electricity can also spike in the summer with A/C.

Estimated cost for remaining changes (all new electric, drywall, tile, fixtures, cabinets, roof, doors, windows, heat pump, some siding, and fencing.

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

My insurance company Usaa told me they wouldn’t deny claims for unpermitted work (probably unless it was like egregiously bad electrical that caused a fire or something.)In New Jersey, this past year, they did away with roofing permits.

This usually means all updated electrical, plumbing, and roofing.