If you own a 2-flat with an additional non-conforming garden unit (basement) being rented, and you're considering a cash-out refinance, how will the lender evaluate the rental income?

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

After that's under control, focus on increasing income through additional work at your current job, taking on a side hustle, or finding ways to increase income on your existing rental.At the same time, educate yourself.

Given that you're not married, that adds some additional complexity.  

Additionally, trying to spot paint even a white wall with white paint doesn't work, let alone other colors.

However, you have the additional question about if and how you might enforce a judgement in another country. 

As you alluded to, sometimes a passive note investment purchased for monthly payments “goes south”, and becomes an active participation investment, with plenty of additional capital required for legal fees, forced place insurance, and property taxes.  

The family viewed the house, loved it, and requested that I install satellite TV and add it to the costs, which I did.

I track the principal as a Liability account in Xero, and whenever I add it to a report, it always shows the current balance, rather than the change over the chosen time period (like with expense accounts).  

@Emily ShinHouse hacking a multi-family property is an excellent way to start investing in real estate, especially in a market like Columbus, Ohio, which offers affordability and growth potential.