Worth its weight in gold.

I'm contemplating this decision because I'm not sure if it would be desirable for tenants to have an extra room instead just a loft area.

Because if he makes this loan with no desire to buy the building he doesn’t deserve to lose his money but he should expect to.

You can hire a landman to research if you desire. 

Norfolk is pretty loose on regulations, but fewer areas are desirable, and Virginia Beach has very specific locations that can be STR (Sandbridge and The Resort District).

here is the situation. i left a really good paying job to take care of my 81 year old parents because my dad is chronically ill and my mom is almost there. i wont go into too much detail, but my sis doesnt help them. ill leave it at that. we have a person who comes twice a week to help with cleaning and other household tasks. i carry the bulk of the weight cooking their meals, running errands, grocery shopping, picking up meds, and taking them to dr appointments. its a full time job. i get a small salary of $1000 a month from a care giver sub contractor for the VA. ive been paying my bills with what savings ive had, but only have a few months of funds left. i own a duplex. i have over 200k in equity. i live in texas and texas has weird laws about refi and heloc/heloans when the property is 4 units or less and owner occupied. i would rather not sell, but if thats my only option i will have to at some point.does anyone have any advice or possibly be able to point me to lenders who might be able to work with my situation?

Most are in less desirable neighborhoods / are less updated, but some are on par if not better.

But, I would still look into STR management or seeing if MTR can fit your desired lifestyle.

I added value to the deal by completing mid-level renovations that enhanced the property’s functionality and appeal, making it a desirable rental option in the area.

The plaster shows mildew, and because it holds so much moisture, he has recommended taking down the damp plaster before the weight of it collapses.