I learned that a few of our neighbors have extended their backyard property line about 5-8 feet.

Hey its nice to work with family and friends but when its your money on the line you need a profession that knows that particular area well and has totally got your back.Best of luck. 

@Conrad Metzenberg I do not think your expectations are out of line.

On top of this, it appears that there is bedding for a 2nd person in the house. 

Because it is your credit on the line, you should designate the accountant/bookkeeper/servicer to collect rents and make payment to your mortgagee.

Definitely start getting preapproved and lining up property managers.

A few ways:- Find a lender who will lend what you need- Find a partner who will put in money in exchange for equity- Convince the seller to hold a note- Purchase with an option contract- Line of credit against another asset

I have lined up a electrician and a contractor to walk through the property.

Hi John,Right now it's set up as a SF, 9 beds/2 baths; zoned for 2 family.

Again, this account should be separate.Key Fund - this bank account could probably go away and just become a line item in your day to day fund account and the monies co-mingled with HOA dues, etc.