I am now at the part of finding financing along side finding a building.

You will need a purchase agreement along side other documentation that the bank will tell you.As David has been trying to impress on you, you are better off using a professional agent or a lawyer to do this deal- so that you cover your butts - just in case the seller later conveniently forgets and claim that you duped him or whatever...Regardsnii

The same thing is with my IT job: new project drawn up, getting the software put together, setting the configurations, debugging the hiccups, marking it as complete.In both cases, once I "get in the zone", I'm a machine.

Many of our clients start with Turnkey to get the ball rolling, and then start building a more DIY portfolio alongside, knowing they have a more passive, reliable income source backing them up if a deal falls through.

Again it seems they were "expensive" compared to some others, but I never had a hiccup with them, and the only error on one listing they fixed it within hours.

That way, if you run into a financial hiccup, you can temporarily pay her from that account until you steady the boat. 

however the main point is if for some reason your borrower has a hiccup do you have the funds to step in and cure their first loan. 

Another thought, if you can fund it alongside the bathroom reno, might be a dormer in that section of the roof - not sure what roof style is from this photo, or what is just outside that window that might make that unappealing, but a dormer would really open up the room even if you don't make it any wider, and would give you more full-height square footage to work with.

@Kristofor RahmasAfter going through 3 property managers I ended up handling things myself alongside my fiancé and handyman.

but if for some reason you had a hiccup or loan got called and the seller is now getting letters that their credit is getting trashed from non payment that's when you will have issues.. generally they lawyer up you get a bunch of nasty grams etc..