Even though other real estate agents mentioned that they did, they didn't have it as an option. 

Sounds like a space you can throw up a hot plate and a small sink and you'd be renting out a part of your home in a week or so since it is already a permitted portion like you mentioned. 

@Ross Hamilton I’m actually currently waiting on a reply from your support team after 3 days of reaching out.

Time seems inexhaustible to the new investor ALWAYS waiting until...interest rates drop, home prices drop, the next election finishes, (add infinite excuses)... time inversely should be high on an investors mind.

I have looked away from condos because many of theses condos HOA fees are exorbitant, not to mention HOA rules and regulations when it comes to renting. 

This way you don't need to chase the tenant for bills or wait for the tenant to take some kind of action. 

@Mike K. it can work in your simplified overview.Reality has lots more challenges that can cost you thousands.As others have mentioned, there's lot of EXPERIENCED competition for foreclosures.

Don't wait to put it in an LLC.

2. should i wait untill interest rates come down?

Thanks in advance. you think its high, but wait until you have to send escrow statements annually, tax forms, and oh by the way if its owner occupied and you are not sending CFPB monthly compliant statements to the borrower they can contest the loan and be forgiven any default interest.