Namely with the increases in land value and housing. 

I'm wondering how risky/wise it would be to increase my budget to $550ish knowing that I'll be earning rental income to help cover the mortgage. 

Me and my wife decided to build an ADU on the property so we can increase the property value, and gain additional income passively.

Is there a possibility of increasing income?

Therefore its best to understand what you can build by right and from there determine if there is a case to be made for zonign relief to increase the parcels development capabilties and value. 

This is important, Eugene just enacted some restrictive regulations that will increase the cost of operating rental property and risk. 

I wouldn't be surprised if they then say they added this valuable feature and try to increase host pricing though.

I want you to tell me what is standard option and earnest money if you even use that in Ohio. 100 ways to get out of the contract. 

Has any one converted an SRO to a standard multi unit building?

Also being a partner instead of just hired on would give the contractor more incentive to keep renovation costs low because that would increase the amount of equity he would have.