We had to know the basic concepts and lingo.

What is some other concepts I may not be considering?

Expanding the master bedroom and reconfiguring the kitchen dining and living space for a more open concept.

I understand the concept but I'm not sure about the details.

@Blake Edwards well done man! 

Some of the concepts roll over to multi family as wellSome costs during operating period including but not limited-Initial Phase-Leasing commission one time for 1st month( if using broker) (depend on broker fee structure)Property mgt fees (depend on broker fee structure)Landscape costsRekeying your house or change locksCleaning property Vacancy Any repairs During occupancy-TaxesInsurance Property mgt fees (not included if you're managing)RepairsRental permit (depends on city)Feel free to ask any questions -Kevin

I have learned so much from everyone here and now that it is time to apply the concepts, I want to make sure we make a smart decision.  

The whole concept of Rich Dad Poor Dad Series.Good Luck.

You are approaching the idea of asset protection pretty well, but I want to hit on a couple concepts and explain my personal approach to asset protection.

I would recommend listening to "how to make big money in small apartments" by Lance a Edwards.