In addition, if you're actively flipping properties in the area, I currently have time on my hands and I'd be happy to support you in one of your projects in exchange for learning in depth about the process. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

In addition to real estate, I’m passionate about entrepreneurship and business development.

I was fine with all these numbers.Then I met with contractors...First, I wanted to add a new bathroom and approximately 450 sq ft of additional living space.

It could give you peace of mind as you focus on your family and move to your new home, without the additional stress of managing a second property from afar.Best of luck with your decision! 

Make no mistake it isn’t quick or especially comfortable but it can definitely be profitable.As for the rent a room thing in most locales I have to wonder if the additional rent is worth the hassles of dealing with the increased time and liability of multiple tenants in one property but that’s a totally different conversation. 

@Joe Michaels, What a lot of investors will do is to use the 1031 exchange as @Michael Plaks said, isto actually "acquire" additional depreciable basis. 

Additionally, you could explore options like a short sale or deed in lieu of foreclosure.

As a backup plan, if I have to go with a local PM company that only leases the entire home, could I use an addendum to add additional tenants to the existing lease while ensuring everything is legally structured?

There will also be closing costs to refinancing into DSCR.Lenders need 6 months to refinance a loan, anything sooner, you're probably paying a good amount of points / DSCR has to be rock solid.There also may be additional costs in maintaining your property.