Plus, depending on where you build, they can often be hard to permit.

This takes us about 2-6 months for permitting and another 6-8 months for construction (depending on the municipality).

Hi Scott, I requested to join the group via link you provided. look forward to attending if my schedule permits.  

Sometimes they get away with it, sometimes not.I think building a whole suite in the basement will be much more noticeable than just a bedroom and they will probably call you on it if it is not permitted.

Never trust zoning and permitting assumptions.5. 

Obviously you will still need to research if you need permits and if it is allowed.

However, the inspector mentioned that the 2nd and 3rd floors are labeled as "Artist Dwellings," though he wasn’t sure what that fully entails.He suggested applying for a special permit to present the space as artist studios or dwellings, with the hope of eventually converting them into long-term rental (LTR) apartments under that designation.

However, it's technically still not permitted.

Cheap, Easy, no permit. 

Montgomery County has specific requirements on square footage, parking, and permits for ADUs, so you'd want to check those out before making any moves on a basement conversion.If you're just renting out rooms in Montgomery County, you're good to go!