@Justin Hayden I think this is a question that you and your wife should reflect on together, although I think you are doing the right thing by gathering opinions.

Again, its back to that insurance interest issue and the fact the policy has to be updated to reflect the LLC as the owner and thus the insured party. 

I know i am young but i am determined to learn from my mistakes, reflect and improve!

But how difficult and costly would it be to get the basement permitted so it reflects on the county records? 

The appraiser requested my current rent rolls, which reflect a 31% increase over two years ago.  

So I want to put some questions to the community, from the lenders point of view.Now mind you these are going to be rounded numbers, and in no way reflective of the real world.

Rules of thumb are a very lazy way to do business.You can build a generic pro forma and plug every applicable number in, take five minutes, and come up with a reliable look at your future CoC, CoC including principal repayment, IRR, etc.Build your pro forma to reflect the base case and then the pro forma case.

Even easier is take a % split that reflects the interest.....don't forget the golden rule, he who has the gold makes the rules!

Your lease should reflect those local laws.

(fyi sq footage is more like 1400 as the listing doesn't reflect the finished basement)We listed June 8 at $335 and received an offer 4 days later for $228K which we accepted.