Your spread looks decent on paper $150K purchase with a $200K sale but with only $5K in rehab, I’d be asking what exactly needs to be done and if that’s truly enough to maximize value.

Is there anything I should focus on for the design / layout if the purpose is mainly for renting out? 

In the mean time just hear to learn as much as I can and really layout game plan for my first property.

And the great thing about many older homes in the area is they often have a layout that makes these conversions relatively straightforward. 

A two bedroom 1,300 sq ft cabin is going to go for way less than a 2 bed, 2,400 sq ft cabin.One of the issues out there too is that some are setup as legal 2 bedroom cabins because of the septic but then they have lofts and such that allow you to rent them out as 3 or even four bedroom cabins to improve the rent.You mentioned one nearby you with a similar layout.

At 8pm last night, the seller's agent said his client would sign the paper today.

Do it with pen and paper first and then once you're well versed, you can start to build out a proforma model.

No paper, no postage.

The plumber found the cause to be a wad of toilet paper in the line which was due to several bellies in the line.

They used to talk about the 2% rule, which was basically a ruse to get you to buy in the absolutely worst part of town where you got 2% on paper and only on paper.