@Michelle WilliamsWe started out in the basement of this property and talked about the typical things to look for when walking through:Electrical work, foundation leaks or cracks, piping, asbestos, gas meters, structural integrity (support columns, rafters) and heating (forced air water heater vs radiator boiler)The basement of this particular property (according to one of the tenants) was actually a beauty salon about 20 years ago, so there was still a toilet in place on one side of the room, as well as an additional entrance.Aaron mentioned that today gas companies prefer to have the meters on the outside of the unit for access, and since these were on the inside Peoples Gas would do the necessary work to route them outside the unit.We traversed through the back entrance to the top floor and walked through, noting the floors, kitchen area, bedrooms and closets, bathroom and living/dining areas.  

I could get away with a kitchenette and bathroom install, then could just frame out a bedroom and closet when I want to convert to a fifth unit.Has anyone had experience in renting out a common area like this — does it seem to generate income without causing too much extra headaches?

We bought our house this past December and did a decent size renovations (removing walls, coat closets, all new paint, hardwood floor throughout the house, painting trim).

With the talk of the Spurs wanting to move to a new arena downtown, it feels as though some of the air has gone out of the neighborhoods closet to the the stadium. 

I will look at window or a portable unit for them. 

I currently have a 2 family which is 2 legal beds per unit however the first floor my current rental unit has a third room (no closets) which could be used as either a guest room or just some extra living space. that being said in terms of PITI the property would cash flow between $3-700/M.

The other units had more rooms, but these rooms do not have a closet and therefore don't qualify as a bedroom legally.

When they finally are kicked out 3 months after closing you have new holes in the walls, they left the water running and all the windows open and a family of raccoons are nesting in the master bedroom closet.

It just bothers me to not use this space to improve the house with bigger rooms, some closets and possibly a new half bath.  

We moved in and I did most of the work myself completely gutting and renovating the bathroom and kitchen and finishing off a 3rd bedroom that was lacking insulation, drywall,  windows, or a closet.