Its a great idea, but you will need to consult the township in order to understand their requirements for liveable space.

Simplified Approval Process - SB 9 requires ministerial approval for eligible projects, meaning they bypass discretionary reviews that often involve lengthy public hearings and bureaucratic red tape.

Making money in real estate requires experience and starting with no or little money makes you study harder.As much as most of us probably wished for it, getting started with a lot of money in your pocket is a recipe for disaster: the temptation is to make the deal work by throwing money at it.If you want to go into real estate go with a syndicator with a good track record.

., mortgage interest and property taxes) requires careful allocation.

Maintain detailed records to substantiate deductions for materials, labor, and expenses, which can significantly reduce taxable income.While an S-Corp provides tax savings, it also requires payroll management and compliance with formalities, making it essential to stay organized or consult a tax professional for ongoing compliance.This post does not create a CPA-Client relationship.

Mainly the panel is in the basement and it would require a ton of work and paying for labor hours + repairs. 

You should always require them to add you to their policy as "additional insured" or "additional interest" and you will be notified if they cancel or change their policy.

Then add any other codes required where you want to build and study those as well.

How do you balance the risks of holding during a market dip versus the rewards of appreciation?

Selling below FMV treats the difference as a gift, requiring a gift tax return (if exceeding $19,000 in 2025).