What we're seeking are more 'crew manager' type individuals that could help with the following types of activities://Begin JDInstallation Of:-Flooring-Decking-Miscellaneous metals-Woods and plastics-Trim-Cabinets-Exterior trim-Fencing-Insulation-Flashings and sheet metal-Sealant and caulk-Doors and door hardware-Windows-Paint-Tile and countertops-Carpet-Hardwood floors-Drywall and finishings-Toilets, baths, and laundry accessories-Closet and wardrobe accessoriesIdeal candidates would have the following skillsets as well:-Install simple electrical and plumbing fixtures (ceiling fans and faucets for instance)-Assist with permitting process at The City of Austin-Manage schedules, budgets, and scope of projects-Excellent communication skills and familiarity with Dropbox and text messaging with cell phones-Good organizational skills to mail receipts for use in bookkeeping-Have a proven track record of managing multiple new residential construction and/or rehab projects//End JDThey would be on site actually doing work on the job and report to one of our partners periodically.

You could build a store front for the greatest product in the world; but if you built it on a back street....in a nondescript building....in the basement....in a closet....who's going to know?

Perhaps somehow turn your loan into an interest in your friend's LLC (with all the skeletons in the closet?)

I had to do one 3 years ago and the sheriff and I arrived with my movers.... and the house was still intact with all the furniture neatly unmoved in ALL rooms, closets neatly full:) it cost me... then 30 minutes after my movers started placing items to the curb, here comes my tenant with a moving truck...

Also remember the premiums are portable if you need to port them to another property. 3 years ago we bought a townhouse as our first house, and ended up doing a live-in/house hack flip that wasn't really intended when we bought it.

(entire interior of unit i have full control over, condo association minds their own business otherwise & only cares about common spaces & exterior)Also - new bedroom will be a legitimate bedroom in the sense of the following universal bedroom standards:- 2 points of egress- door/entrance that does not pass through another bedroom- windows for ventilation and natural lighting- 70-80 square feet (with more than 7-8 feet of free space in any direction-no closet, but closet available outside of enclosed room (not a necessity according to most universal bedroom standards)Any repercussions not getting a permit (what would a town do) or getting a permit (impacts on taxes/valuation of home, etc)?

See this chart prepared by the IRS to learn more about the portability of various retirement accounts. 

I don't allow any pet in my apartments they are destructive especially cats they pee in closets and on floors, dogs scratch floors and chew on trim causing damage so it's not worth the clean up and repair.

Upon some reading, it look like it might be able to be depreciated in 7 years IF I make it a 'portable building' (think glorified yard shed)?

This may not be totally on topic, but just a word of caution, when you mentioned adding a bedroom in the basement by adding a couple of walls, will some of the added walls create a closet?