We focus on building multifamily and taking on house hacking projects.Phoenix has a water shortage so recently changed some laws to make guest houses or additional units more acceptable.The bottom line is, once you decide what area and what type of main house you want, go search for a good deal and then add a little value for higher rents. 

I live in Littleton and I'm planning on buying in the west Denver metro and I'm familiar with the area, but additional data points are always helpful.

I'll DM you if I come up with any additional questions.Thank you Rachel

You can grow your portfolio here in addition to making your first investment.

You will need to supply 2-3 quotes from different General Contractor's or licensed builder for all work.Some things that can occur are builder/vendor issues with lack of inventory, broken material, employee "no shows", date of completed work extensions, bad work, additional costs not factored on blue prints or cost analysis, delayed permits.Keep in mind any delays or issues will slow down your clear to close/funding date.

VA is great for the 100% financing which covers 2-4 units as well and those can be rented in addition to rooms in a primary.Just make sure you shop around for quotes (without letting multiple lenders pull credit). 

I think a lot of people get stuck on the 203K, but there are options for renovation loans that are Conventional, VA, and USDA in addition to the FHA 203K and real estate investor loans (ground-up construction, flip, and DSCR).

They will get an appraisal (that you pay for) and they will likely discount the AirBnB revenue to match a long-term rental, but there are plenty of banks out there who do these deals. 

However, I'm seeing SO MANY properties that are zoned as Single Family, yet they have 2 units - either a MIL suite or just an addition that's been built. 

If you're ok with younger less established people, households with less stuff, a smaller home, etc it may be fine.I would definitely not give a discount for a multi-year lease.