Hi @Ryan Newsome, thanks for your post!

Originally posted by @Megan Ballard:My wife and I would love to do a basement conversion to an apartment in our house.

Hi everyone,This is my first time posting here.

As I have posted 100x do not do biz without a team in place . 

I feel silly for even posting it… I think this is a you know the answer situation.

I've learned lots from original post to now. 

This post is worth AT LEAST 50 votes!

Originally posted by @Chuck Masters:@Wayne Brooks your explanation is what I would expect but I keep reading on various lawyer web sites that the transfer tax is 7% of the current mortgage which for a 150k mortgage is 10,500, which is just nutz!

Glad you chose to post here at biggerpockets.

As others have stated, the people who do it successfully are very actively managed, and by active-- let me give you a hint, that means they will probably be late on a normal basis, so you'll need to be posting 5-day pay or quits, and filing for evictions with the courts-- now if it's a good tenant, it will pay before the court date, but that stuff isn't in your spreadsheets, is it?