Purchase price: $110,000 Cash invested: $22,000 3 bed 2 bath home with about 1,000 sq ft of livable space and a one car garage.

Purchase price: $110,000 Cash invested: $22,000 3 bed 2 bath home with about 1,000 sq ft of livable space and a one car garage.

I've never been in this space before.  

I'm keen to refinance and build a 3rd smaller rental suite under the existing house as it's on a hill and there's a small workshop space with some rock retaining wall that needs to be replaced with concrete foundation anyway.

I recently helped 3 of my clients find coverage for their portfolios between 10 properties and 51 properties, so it can be done.My suggestions is to find an insurance broker who works frequently in the real estate investment space, who has the knowledge of coverage, AND the available companies to be able to help you now and as your portfolio continues to grow.For your second question, I would also 100% suggest looking into implementing an umbrella. 

Hi,I've noticed that it's not uncommon to see homes where the garages were converted into separate living space.

This space has a wealth of information.

I couldn't let the LaPlante guys get all of the space on here :) I look forward to seeing how you flourish! 

I began to rent this space as my first ever foray into being a landlord.

We have done this a lot in the land contract space but only 1x on a rental and for that 1x it worked out fine.