Thats the general plan.

If you proceed with the project, you should go through the proper permitting process.

You can track materials used to fill in your JIT processes or whatever.With a vacation rental, it is always different.

Given that it's almost a 50% increase from the existing rent price, you might want to set a timeline of 2 or 3 months before it taking effect so they can find alternative housing if they plan on vacating instead of staying at that price point.Another option could be to ask for the rent increase, but offer something in return.

I have a primary I have always planned to rent when I leveled up.

I've finally hit the required 3,500 points required for the NYS Broker License and I was planning on filing as a corporate broker.

I am wondering if it is a good idea to invest in one of these foreclosed homes or old single families. the prices there are actually extremely cheap compared to where I live in new jersey. my overall plan is to own multiple rental properties. 

Are there any house plan websites that are specifically geared toward investors for spec homes?

At the same time you can go to the local building departments and find the plans for the projects and get the GC info from that as well as the architect.

Clever use of the HELOC however to streamline the process!