In the meantime I would recommend to guests a nearby laundry mat if they're staying for long periods of time.

Lawyer/Attorney offices that mat\inly work with divorcees or bankruptcies.

This current purchase has me strapped for the moment but I'd like to try another deal while I'm finishing up the work on this current house. 

Here, I am aware of what a house needs to appraise like water heater straps and carbon monoxide alarms (stupid state mandates, really.

@John Michael Mattingly the short answer is that yes, they could loan you the money from their HELOC.

The problem with the $500/month rents is it's hard to cover your CapEx and R&M at those prices.

Let them know rent will go up by $400 /M at the end of their lease without question2.)

As the existing units are all very small, I am thinking offering some small storage units for rent would be a good alternative strategy to monetize this space and add some value for existing tenants who are all strapped for space.

Some houses as you move up the coast are still stick built but if they're in High Velocity Hurricane Zones the amount of strapping required almost cancels out any savings  you would realize from wood framing.1.

In fact I have had one person wanting to learn to Fix-and Flip and I invited him to one of our projects and strapped on him a tool belt and put him to work.