How many GPs are typically on a deal?

Once converted to a rental, repairs and improvements may qualify as deductible expenses, but pre-conversion repairs typically do not.

Legal Protection – It's important to have a solid contract in place, typically a promissory note and a security agreement that outlines the loan terms, interest rates, repayment schedules, and collateral (often the property being financed).

When a tenant causes problems, I can remove them six ways from Sunday, typically much faster than the courts could do it.Financial Management & Reporting: It may seem small, but accurate accounting is important and not in the tool box of most investors.Market Knowledge & Rental Rate Optimization: Understanding the market is critical to maximizing returns.

In major cities I can get someone out for emergency service typically same day, even if I have to pay overtime for after hours work.

House hacking is the primary strategy I have used to grow my portfolio and that's the typical client I work with as well.What strategy are you interested in?

Typically will be rent by rent strategy (which is tough for none owner occupants) or College rental.   

Since you have 488 sqft, I'm assuming that you have extended the existing (typically 400 sf) garage? 

What I see is typically in the $3k - $6k range for those types of properties.

House hacking locally is typically going to be the least risky way to get started, even if it is more expensive of a property.