Any insights or experiences you can share about similar projects in this area would be greatly appreciated.Thank you!

It really depends on the scope of work and the person inspecting the work as well as the one issuing the permit.Find someone who knows the permitting system in the municipality where your project is located and have them review the scope, and the work done and see what they think it would take to pull permits after the fact.

Certain states do not allow your primary to be foreclosed upon for other judgments (for example I believe florida is one of those states) - they can still get a judgement against you for the delta though.But yes this is a concern that every person should realize, which is also why you see many of us here on BP telling people to make sure they have adequate down payment and reserves before they get into something they have never done before.

Purchase price: $380,000 Cash invested: $19,648 Sale price: $485,000 Not really a portfolio investment as it currently my personal residence, but I'd still consider it an investment.

My HELOC on my personal residence is at 8.5%.

My personal opinions below, with a lot of generalities. 

My business partner and I have a joint LLC (shared business bank accounts / credit cards / etc) - pretty standard stuff.

I know that is not always the case.Selling anything right now to have to buy another primary doesn't appeal given rates now vs. what we have, but to your point we might be able to do more with that cash vs. just leveraging equity & financing.I'll run some numbers and happy to share with more data.

Make sure your lease states that the landlord retains the garage (on this shared property) for his own personal use, comes and goes as he pleases.

Hi Kalon, we share the same experience.