Bigger Pockets Real Estate rookie podcast posted a great episode in the last week or so where they interview a CPA and get their opinion of when a rookie should get a CPAI think a lot of rookie investors (myself included) worry and focus too much on setting up LLCs, getting the taxes lined up etc ... when in reality we need to get a couple deals under our belt and then we can start figuring out the rest. 

Hi All, Setting up my first MTR, an detached ADU in my backyard.

Tile takes time to set, humidity from showers will affect mudwork and paint, and this is all assuming that your plumbing can be handled in a few hours or works as is. 

Having just found out when credit is pulled and the appraisal is done in the loan process, I now think we may not be in an ideal position, and potentially not in a position at all, to take out a 30 Year Loan in the coming weeks.I believe adjusting course, at least temporarily, may be the only way to continue moving forward.

Put in a set amount at set intervals to minimize losses from buying at imopportune times.

If it wasn’t then that is something that should have been noted when they disclosed, and my guess is  they are trying to get closer to the terms on the LE by going to a 70 ltv as that has fewer price adjustments.

I'm trying to get myself set up with some analysis tools for MF investments, and I really like the "Value Play" model that Berges has in his "Complete Guide to Buying and Selling Apartments".

You could get cash out to build your basement unit and get two sets of new tenants.

steps to decide: 1-flush out the cash flows & sales proceeds of both scenarios, discount them based on what % of the return is likely to be realized vs "optimistic"2-find a delta in the cash flow of the risk-adjusted outcomes (pretend these are your most-likely outcomes)3-determine your time investment on the self-managed opportunity4-divide line item 2 by line item 3 and compare against how much income per year / hour your time is roughly worth5-if this figure is less than your desired income, avoid the time commitment investment; and if the figure is more than your income, buy the time commitment if you're wiling to do it.

But, if you are not a professional REI, one adjustment I would make to what Katie wrote is that you would report the income (and deductions) on Schedule E (for rental real estate) since it is passive income, and you wouldn't use Schedule C.