I know it's counter intuitive, but these cheaper markets, C properties with higher cash flow are definitely a more advanced strategy.

Hey Jessica, if you are still looking for options we had a room in our vacation rental that has an awkward layout and we wanted to provide another bed to boost occupancy.

.), down payment and closing costs, repairs if/any, furnishings, appliances, and adding or changing existing layout including egress windows, closets, flooring, paint, etc.

It is a townhouse and the adjacent property (that previously had an identical interior layout and size) has gone through a renovation to expand the kitchen by approximately 100 sqft, and add a second bathroom.This adjacent property is currently renting for $300-400 more than what I believe I can rent my property for.

It is not intuitive at all. 

I still haven't answered your basic question, so if you're still reading at this point and haven't taken two Excedrin, then you'll need to know your street layout, width, curb & gutter requirements to get any type of estimate from a contractor.

Location, property condition and amenities can cause a wide range of rental rates for similar layouts (2 bed 2 bath for example).

That being said, I would use a WY LLC as the umbrella LLC protecting from the top (and land trusts protecting from the bottom).Note: How a fully implemented asset protection layout might look. - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-structures PS.

As for other potential challenges, keeping the layout consistent and dealing with any uneven subflooring might be things to watch out for.I've had a similar experience with a project like this, and I found that using this comparison site really helped me find affordable service options.

Thankfully you have partial overlay cabinets, so some wood-fill for the holes, sand and touchup paint.Not sure what is on the other side, or over, your range, but me, adjusting the layout would be the ideal option, but will likely not be cheap, since it will almost certainly result in new counters, if not also some fill and/or a new cabinet or two (depending on if any cabinet to the left of range is able to be moved over to corner area).What was originally there?