I'd strongly prefer to have a cash-less payment mechanism though, ideally a phone or a card that you can add funds to with a credit card or phone, so that tenants aren't forced to use coins or cash bills.

New plumbing, electrical, and mechanical behind the walls? 

I have a mechanical murphy bed product I have used in our vacation rental that people absolutely love!

But by all metrics, and by all accounts on an asset(usually a mechanism that appreciates) leverage is always the wiser tool.

Just remember that mechanic liens can precede your loan potentially and lien release waivers and onsite inspections of work completed are super important to the release of funds

@James Rodenberg I think everyone should self manage when they start out because 1) starting out you have much smaller margins and saving the PM fee will help you stay afloat as you grow. 2) you learn by doing and you will gain good experience from dealing with tenants and their problems, you'll also learn how the mechanicals of your properties work so you'll understand why problems are occurring.

(which were commonly 18%+ at the time).The mechanics of getting a cash advance on an unsecured credit line have not changed (much) in forty years.

Is there a step up in basis for the husbands half of ownership, will there be a $250,000 or $500,000 homestead deduction, and are there other mechanisms in play that I may not be aware of?

Im interested in knowing the process on possibly converting existing garage/mechanic shop space into restaurant space.

It is the equivalent of crashing your car then trying to buy insurance to fix the car after the fact.A home warranty or homeowners insurance policy will not pay for mold because mold is a maintenance issue.You didn't say what is wrong with the garage - if it's a broken door opener that is typically covered on a home warranty.My experience is mixed with home warranties and I can 100% tell you your satisfaction comes down to the local trade person that shows up.The home warranty company does not employ trades - they contract them locally at a fixed rate for the work performed sort of like how car mechanics are paid.