I love to talk about it, as do most investors in this space.

Even in very exacting jobs (e.g. space craft design), where even a small mistake is literally a mission critical life & death issue, they use 'rules' to avoid over-engineering (or to use another phrase 'analysis paralysis').The 'rules' for real estate investing are not intended to be exact or fully comprehensive.

The purchase would be negative cash flow at the moment but it'll be positive in 8 years when the lease for the commercial space is up. 

The listing sites are also confusing, as I thought that under-ground living spaces were not supposed to be included in the total sq. ft.

As a new guy, I'm just amazed at how tight knit and informative this community is.Yes, I plan to move in myself (owner occupied) and would like to live there for at least a year.

Welcome to BP.Hang on tight and enjoy the ride.It sounds like you plan to buy and hold as rental property.If you expect $19,200 for rental income, then 50% rule says to expect about half of that to be eaten by operating expenses NOT including the principal and interest from mortgage.

I only hold on tight to those guys when I need them for my jobs!

This would work well for us as our family is growing and we are in need of more space.

Unless you live in an area where a garage is a must, living space will always get you more money than garage space.So, unless the conversion is absolutely horrible, I would keep it.

Most anyone with a lot of experience in the space has absolutely no need for what you present.. they just do it themselves... ergo my first thoughts if you just want to jump into this you need your family to back you..