In those areas, you'll have more opportunities to convert to vacation rentals and Fix and Flips for top dollar when you're ready to exit.  

Could you build an ADU or convert garage into an ADU?  

If you are in a desirable area you might just want to think about converting the whole place to an Airbnb and run it yourself. 

Unless the mortgage is some crazy figure, what is the value of converting liquid equity into illiquid equity when you might need the money? 

I'd like to convert the basement to an apartment for my aging father but concerned about the costs. 

And I can rent it out quickly.Or to future proof, I can cough up the money to convert the living into master bed, add a bathroom since it next to kitchen plumbing (maybe?).

I plan on converting to a 1099 by July and going 100% in real estate investing and a working licensed agent in the state of Florida.I want to grow my portfolio and find single family homes or multifamily with minor renovation needs and rent out.Question: Do you think its better to pay for a roof cash?

I plan on converting to a 1099 by July and going 100% in real estate investing and a working licensed agent in the state of Florida.I want to grow my portfolio and find single family homes or multifamily with minor renovation needs and rent out.Question: My plan is to rent it out in about 2 years.

This converted to a non financed cap rate of about 8% at closing, then with some swift expense adjustments brought that up to about 11%. 

Yes, when you are ready to acquire the property, there is a planning that can done regarding  what kind of property to acquire to mitigate taxes, but when you are converting already owned property, you are stuck with either more taxes or tax saving it has to offer, you dont have a choice.