I can understand the temptation of wanting more rent from your multifamily home however I would add this to your train of thought:What would happen if your tenant in your illegal basement unit burned down the house which caused another tenant to get hurt or even die?

And in second, setting up a "plan Z" where if all else fails what does get "burned to the ground" is replaceable, and the wealth center is protected on it's "asset island". 

The burning question is: do you own rental properties?

I have a property that burned down and may consider doing an exchange (if needed) with cash leftover from paying off mortgage.Can someone send contact info?

@Jonathan Greene we've been promoting this tactic for over 15 years:)

They wonder why Brian got a promotion, but it's because Brian tries and appreciates a steady paycheck and the company that pays his insurance.

These often include a preferred return for the investors and then a pre-determined cash flow distribution schedule between the sponsor and investors that includes the cash flow distribution waterfall based on either the IRR or EMx and possibly a GP Promote. 

Cap rates are at 5-6% on a stabilized SFR with a long term rental strategy.Only strategy I am seeing pencil right now are with a rent by the room / co-living strategy .Flips in some areas kind of make sense where you're all in for around 80% and can make a spread.I'd suggest evaulating different strategies or markets, else you may burn yourself out - this is learned from experience :)Shoot me a pm if you'd like to chat - I'd be happy to chat and help save you some time.

Also understanding how things are put together, how siding works, gutters, etc (basically as many aspects of the home as possible)Having this knowledge will also help you from getting burned by contractors telling you things just so they can save time and money and deliver a crappy service. 

I reported someone sometime back that was blatantly self promoting and using fake account to ask a question so they can answer it with their service pitch.