- You missed utilities in your holding costs- For your first rehab you should plan on a little more than 6 months, just in case- You might want to double check your tax number as taxes in NY can be pretty high- The biggest area where mistakes are made for new investors when it comes to flips and BRRRRs are in the ARV and the rehab cost.

Here are some considerations for making a garage conversion into a good apartment:Local Permitting: you’ll want to check with your building department to see if a conversion like this is allowed in the current zoning of your home.

Now don't get me wrong I certainly have an idea, but just checking to see if I'm on the right page?...

Hey @Olga Daisel - You should check with a CPA to be sure - my CPA @Juan P.

Monthly the checks come in. 

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

If you are interested in renting out by room, I'd check out PadSplit.

While this isn't a long-term solution, it could buy you time to arrange finances for a complete fix.Insurance Claim: If the issue with the tub is due to improper installation, it's worth checking if this is something that your homeowner’s insurance or a builder's warranty (if still valid) might cover.Partial Renovation: Instead of a full demolition and remodel, consider if there's a way to repair the tub area without a complete overhaul.

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

However, given our current state I'm preparing to set-up my own website and/or post on various channels that don't appear to offer the host insurance and I know asking the Guest for security deposit or to run background checks can be a deterrent for short stays.