It depends on the age, construction, roof style, etc.

There's a ton of articles out there about additional lease addendum's you need to have which are not covered in a standard lease. 

Hey all, I am considering a 4000 sqft 2 family house with a full basement that I am looking to turn into an additional legal unit.

On most of our rehabs, we add SQFT with an addition or by closing in a garage or carport (perfect example here: https://www.biggerpockets.com/forums/311/topics/55...).

The plan (his plan) was to take the upstairs of a large, beautiful, historic building and convert it to 4 dorm style units.  

Finish your education, get established in a career with a couple of years of employment and use that time to live the most frugal life style possible to save up the cash needed for the necessary DP and reserves.

Honestly, it's been a great property to own so far (I know the time is limited)  and the current tenants, on top of paying their own utilities, handle a lot of their own maintenance, too.As an investor I'm in full acquisition mode and looking to acquire additional properties, deal permitting, and scale up swiftly. 

@Mark AndersonIt's a two way conversation.So, you should tell them what you are looking to do and the style of investing you want to work with. 

These are professionals with additional training and a stricter code of ethics.

@Jared F.You should consult an attorney when it comes to asset protection.A couple questions you want to ask the syndicator is how the entity is structured.If the entity is structured as an LP or an LLC - you are likely a non-managing member or a limited partner.So the question you would then ask the attorney is if you have additional protection investing as a limited partner/non-managing member in your individual names or as an LLC.I have seen individuals invest hundreds of thousands of dollars in syndicated deals.