@Sara Frank just finished up a rehab in the area and might have some recommendations

We did not finished the basement during construction.

I've recently finished reading Brandon Turner's "The Book on Rental Property Investing" and am about 50% through David Greene's "BRRRR." 

The best one I completed was located in Concord (sub city of Charlotte) in October of 21 Purchase price 94,000Reno 47,442Appraised Value 205,000 (we originally estimated a 175k ARV)On this one, we carefully picked our finishes which needed up making it the nicest one on the block.

Finish framing would be install of doors and trims.

I am pointing this out because in addition to the cash to close, you will need cash to finish that mother in law suite before you can generate income with it.

This gave us the opportunity to move the family back to Florida so our son could finish his last year of High School in-person.

Also your finishing work unless you are a natural will look less than professionalThe way to not get taken advantage of is to have multiple quotes, detailed contracts, and to do your homework on construction.Construction projects are as high risk, high reward, as D class inverting.

(This is about taxes)You need a Zoning Permit for Visitor Accommodation:To rent your home for stays of 30 days or fewer.If the property is not your primary residence.Housing requirementsSmoke alarms must be installed:In each bedroom.In the hallway in the immediate vicinity of the bedrooms.On each floor of the home, including basements.Carbon monoxide alarms must be installed:Within 15 ft. of the entrance to every bedroom or within 15 ft. of a bed in sleeping areas if there isn’t an enclosed bedroom.Centrally on a wall or the ceiling, but not directly in front of a door to a bathroom or within 5 ft. of a cooking appliance.Under the installation requirements for smoke alarms if they are combination smoke and carbon monoxide alarms.You can’t post signs for lodging on your home.The home can’t be occupied by more than three people (including the owner and renters) who aren’t related by blood, marriage, life partnership, adoption, or foster-child status.You cannot change your house so that it no longer resembles a private residence.Information you must provide your rentersRenters are only allowed to have guests between the hours of 8 a.m. and midnight.You must tell renters the trash and recycling collection days and any trash disposal rules and regulations.

I got all the way to the finish line with one lender, and they backed out last minute.