Assuming permits take a few weeks, project is 2-3 months, and another 2-4 months to sell, you'll need something like 7 months of holding costs to make your payments but should plan for 12 months as you just never know.

You'll need permits in place.

I would be curious to see if there are going to be any regulations as far as requiring permits.

Hi BP,We have some property and are considering building a main house along with a guest house that we could rent (either long-term or short-term, which are both permitted by town). 

City permits were pretty challenging but definitely a great learning experience

I'm not in the 5+ space here in SD but I do have some small MFR, and work in the space for entitlements and permits etc.

Among the factors you could consider if you're looking for appreciation:* Markets with strong net population growth (here are some Census data graphs of population by MSA)* Markets where incomes are increasing (personal income data by MSA)* Markets where there's limited new housing supply being created (you could compare monthly building permits by MSA to total households by MSA)Here's a full guide on how to analyze a market.

They will tell you what's allowed without a permit.

However, I want to preface this by saying this is definitely not a small undertaking in terms of cost or work involved, and will most definitely require permits and inspections with both your municipality and the power company.Specifically for the electric service, my recommendation is to upgrade to a 3-gang meter socket: one meter for each unit and then one for common area electric. 

Covering them with vinyl is a good move Whatever you do, make sure you get a permit; inspectors over do it when it comes to asbestos, they'll stop your project cold and make you air test everything.Hope this helps!!!