Does anybody know...Does finished basement adds value when applying for cashout refi? 

The property is located in Cook County Illinois

We are looking at larger 3BD/2BA for opportunities to convert extra rooms/finished basements/garages into extra beds/baths.We noticed if the rent is about 0.5% of the total property value, we will be about breakeven for pure cashflow at the following assumptions using BP's Rental Calculator (e.g., $500k property requires ~$2500 rental income to breakeven): 5% CAPEX, 5% vacancy, 5% repairs/maintenance, and 8% property management (we have something worked out with our property manager)Here are our questions:-Would ~$600/room be a competitive rate?

Depending on the qualify finishes and overall condition of the units, this is better rent than I would have expected.

If all goes well, they will finish the construction in 6 -8 months.

You then respond "Actually Carl, I'm gonna give you 10 Weeks and a 5% Bonus from Total Job cost if you finish on time."3.

@Ted HendryI used to have an issue with arguing with subs about payment and finishing there job.

DO NOT buy the nicer finishes and nice countertops.

This will protect you and won't have any issues if something were to happen in the two weeks you are finishing up.

I'm in the middle of reading Short Term Rental Long Term Wealth as well and can't wait to finish it.