You can also read this series from Danny Cerezo about becoming a developer - he has some sample proformas (both for rent and for sale), which he explains in detail:https://medium.com/@csdesignLA/architect-as-develo...A proforma is a tool more useful for projecting overall project costs and project feasibility.

The fact that you do know know what a houses's stack is and yet you believe that you're ready to be figuring out how to shoehorn bathrooms into your property MIGHT be affecting the quality of communication between you and your GC.Where the stack is will determine a great deal of the feasibility of what you're proposing is.

Matt, the billionaires/corporations use off-shore/multiple entitiesto minimize income taxes if not pay $0 by deferring/parking.Millionaires use no-tax states and multiple entities mixedwith small business write-offs and wealth transfer tactics.Us hustlers always seem to believe a CPA referral is the answerbut I strongly encourage researching 0 zero tax strategiesby thinking big then eliminating what you can't dothen narrowing down some feasible tactics thatYOU CHOOSE, then decide if you need aGLOBAL CPA firm vs. multi-state firmvs. one-state licensed CPA, etc.There are also books on zero taxesif you want to prepare your own returns :)

Upon some quick research, I feel like we need to do two things:-Hire someone to do a feasibility study-Pay for a property appraisal/market evaulation to see if it's worth selling now, or developing and reaping the rewards later.Would a RE Strategy Consultant be able to help with both items?

Wondering if this is feasible and if anyone has had experience with this. 

This would allow us to no longer spend any money on rent and our AirBnB tenants would fully cover the costs of home ownership.So my question is, how feasible is my plan? 

It wasnt feasible at the time but I started educating myself about the process.At one point a few years back my company decided to upgrade our office digs.

So are you basically saying that if legalization is not feasible, you don't want to keep it as is, or connect inlaw space to main house?  

If that’s not feasible, the second best option is to buy, close, and then turnaround and sell at a later date.

We'll be purchasing a new home and trying to figure out if it would be feasible to rent or sale my home.