Courtney, working as a licensed GC I have done this many , many times but if you take it from me it is easier and more aesthetically pleasing and useful to simpley have plans drawn up , approved for building permits, and build a new third bedroom.

Ex; drivers license, dob, etc..

I am a licensed Realtor in the Eastern Panhandle of WV, Washington County MD, and Frederick County VA.

Buying in the right location with proper market demand will allow you to hit your projections, or better yet exceed them.

@Michael Ede  I'll preface this by saying I'm not licensed in Washington State, but when I price out the criteria you mentioned for a standard conventional refinance, it looks like you should be able to get a decent lender credit at that rate to help pay for closing costs. 

If you do need to apply for permits, let your licensed contractors pull them. 

We currently own a few properties in the Chicagoland area and are considering getting our real estate licenses to help facilitate/understand better what truly goes in to it, (and save $$ on commissions!)

I'm looking for a brokerage that serves the southeast Chicago and Northwest Indiana markets, where I can hang IL and IN broker licenses.

According to the Tampa Bay Times:"The only way around the short-term rental ban is if a homeowner can show that their home had been used as a tourist rental prior to the passage of the 2006 ordinance, had been continuously used as a short-term rental since then, have a city occupational license and have paid sales tax on all rental income.If they cannot do that, and few can, homeowners faces potential fines of $250 a day if they fail to comply."

As a licensed agent, I would suggest making sure you are building a GOOD list of connections.