The investment is a little bit more upfront since you'll have to furnish the room and bathroom fully, but you may be able to command a higher rent each month since you're covering all utilities, WIFI, and providing all the furnishings.Either way, renting out the room is a great idea and I'm sure it will be helpful so you can rest a little bit easier while you save to move to Lakeview, eventually :)

Similar areas that have legal under utilized permitted space convert to max studios that you can fit.  

I'd consider renting for a period of time and identify a particular area you'd like to eventually buy.

The way you present things I can see this occurring eventually.  

Eventually you'll start developing relationships with people in the market that will bring you off market deals, but they have to believe that you can close the deal.

When you move out you begin to experience POSITIVE CASH FLOW in which your tenants help you buy the property.....where eventually you own it out right, and now it becomes like a pension..........Predictable and Sustainable income for life.   

Though my property management company eventually took care of the eviction proceedings and repaired the property to prepare for a new tenant, I feel they were negligent in their duties.

- Value add - How much does it cost to convert Non-climate controlled units to climate controlled units?

The modest cash flow could be reinvested, eventually allowing me to build a portfolio of income-generating properties.I recognize your point about needing $2.5M–$3M in cash to consistently replace a six-figure income.

I need to source the data myself, run the numbers, check the calculations, eventually build my own custom spreadsheet etc.