Little disappointed that neither the listing agent nor my agent mentioned the fact that the property had not yet been divided up by the owner before going under contract. 

Very disappointed as it was really a nice, well kept home. 

If you treat insurance like a commodity you're likely to be very disappointed if you ever need to use it. 

It also sets you up for significant disappointment. 

Also, be sure you do your research about the garage conversion, a lot of tenants enjoy having a garage and it can be a costly addition for a disappointing return in some markets. 

If you are ABSOLUTELY POSITIVELY SURE you can refinance in 5 years, and you won’t be disappointed if you only break even for these 5 years (1 month vacancy and one $1,000 repair per year will guarantee that’s the best you’ll do.) it’s one way to get your first property if you absolutely positively don’t need the cashflow and in fact won’t be busted if you have to toss in more. 

So before even getting to the actual costs of materials and labor, I've paid $40,000.I'm tempted to move into the home myself because it will be so nice and rent out my own home, but I can't at the moment due to an unrelated responsibility that keeps me stuck living in my current home for an undetermined span of time still.Through all of this, though, the main overarching disappointment and frustration is that this situation is detracting from my personal cash flow and preventing me from contributing my full potential to my retirement funds.  

If the latter, I believe many will be disappointed in the performance of the loan over time. 

"20 years from now you will be more disappointed by the things you didn't do than the ones you did.

My response was, "Man... that's disappointing, I was really hoping for about 275k.