I don't think you are going to be able to get insurance for two separate living units in a single-family when they are both illegal and likely do not have the correct egress windows (basement) for fire safety which could subject you to huge liability if something happens to either party.

It seems like location would be especially critical with pad-split (and similar systems), but I’d love to hear your thoughts on what to watch out for in terms of zoning, safety, or demand.Also, I’ve traditionally rented out units the regular way, so I’m curious how screening tenants works for you with the pad-split (and similar) model.

., adding rooms, bathrooms)-Cosmetic Enhancements-Eliminate Health and Safety Hazards-Energy Efficiency Improvements-Major Landscaping (e.g., grading, tree removal, adding walkways)Non-Acceptable Renovations:-Luxury Items-Commercial Use-Temporary Structures-Non-Residential BuildingsBoth of these renovation loans are similar in many ways, but the key differences are:1.

They focus on safety issues, such as wood rot, water damage, and structural integrity of balconies and decks.

I've looked at a STR, but I can't get my arms around all the expenses. 

We look at things like safety, unemployment, schools.

I had felt the need to arm myself for the safety of my person.  

Later on in your investing journey the safety and low management of expensive, appreciating properties will become appealing.

If you buy in a vacation area there really is no safety net other than desirability/location…I guess just don’t pay up too much.  

I would talk first to an electrician as many do fire alarm and life safety.