All of the quotes are including rental income replacement.

Consulting with both a real estate attorney and a licensed architect is crucial.The attorney can advise on the legal aspects of converting a cellar into a legal apartment, including zoning regulations, building codes, and the legalization process.The architect can assess the physical space, determine if it meets conversion requirements (ceiling height, egress, etc.), and create plans for a compliant renovation.The 2019 pilot program you mentioned wasn't permanent, and the high costs associated with it discouraged participation.

If your long term tenant is willing to pay more include the utilities and raise the rent. 

*The taxpayer maintains contemporaneous records, including time reports, logs, or similar documents, regarding the following: hours of all services performed; description of all services performed; dates on which such services were performed; and who performed the services.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

You can put up to $30k/year (in the defined benefit plan's case) tax-deferred into them, reducing your taxable income for the current year.  

The commission will simply be included in each offer, as opposed to listed on the MLS.

I’m coming with a budget of about 1-2m (including financing) I have contractors that can do all the work for me at a bit over cost (or at cost as partnerships).

Hey @Eduardo Justo - you're facing the same problem a lot of my entrepreneur clients face, including myself. 

  (1) It sounds like your LLC is a separate tax filer, but the issue you may run into is that the IRS makes it tricky to buy from "related persons" under IRC 267(b) (a category that includes business entities) in a 1031 exchange.