But if you used your student loans to solely pay for undergrad or grad school, and you are paying your loans down on time and appropriately, then why criticize someone for investing disposable income on real estate, which likely  has a better return potential than your student loan interest rate?  

I was hoping to find they had done everything appropriately with permitting and inspections.

The only advice I can find is about permitting and building an ADU in Denver.How do i appropriately price a property with an ADU?

I'm not seeking legal advice but certainly if you think a lawyer is appropriate for this one, please let me know.  

I'm not an attorney, so take what I'm about to say with a grain of salt...If you're going to self-manage, it's my understanding an LLC does not provide you with asset protection as you're liable for torts you commit and damages you're responsible for in your own capacity as an individual/manager.Adequate and appropriate insurance here is much more appropriate here than a legal entity, but that doesn't mean a legal entity is not important.There are quite a few good asset protection attorneys here on Biggerpockets. 

I appropriate any feedback and would love to hear from any investors that have started in a similar situation to mine.

How do I find the appropriate attorney that’s specializes in lease agreements?

Tho, my sarcastic side wants to note that buying from a family member whose owned it for 50+ years is probably less risky.All in all, I think now is an appropriate time to buy a SFH I can afford on my own and look into renting out a bedroom.Thank you, all!!

Next, you should have sufficient insurance of the appropriate type.Managing the property takes more than a wink and a smile. 

This is the main reason finished living space in the basement usually does not pay - it is pretty much never worth what above-grade space is, the exception being a home built into a hill where the house is designed around the feature, and half the basement is exposed anyways.While improper slope around the house can lead to water in the basement, the really expensive problems come from shifting, which almost always occur from the lack of appropriate back-fill, the presence of clay, and the fact that the clay absorbs the most water and therefore expands the most during the freeze.