Where I live, the Landlord has to provide at least three comparable rentals to justify the rent rate. 

[BLS]Additionally, the separate Household Survey (individuals) saw the unemployment rate (“UR”) rising to 4.1%.

Additionally, prepare financial projections, including cash flow forecasts and ROI calculations.

please share any info on insurance companies that provide umbrella insurance for liability protection .

If a tenant signs a year lease and only stays 4 months, I incur excess vacancy with the additional turnover.

It's hard to provide much guidance without a T3 NOI or Proforma NOI.

A few things to consider: are you increasing rent each year to at least try to recoup some of the additional costs (everything goes up, so why should the family member not pay more-if it is your parents, it is more complicated), how much has the condo appreciated over the last 3 years since you bought it, and what would you do with the money when you sold?

Additionally, there is around 0.4 acres of vacant land at the back of the house.I'm considering constructing either one or two additional units on this vacant land and renting them out.

The other bedroom has two openings that make it a bit awkward as well.Options I am thinking of1) Thick curtains/drapes: easiest to install, provides some privacy.

Purchase price: $250,000 Sale price: $349,900 We provided a loan for a new construction project in Palm Bay, FL, with one of the biggest build booms.