In building the house we designed the bathroom as a storm shelter. 

We will probably each sit for our licensing exam B4 the end of the year (mine will be a refresh from having earned my brokers designation 30 years ago) and will start fairly slow with available personal capital plus other sources.We would love to hear from other local members (or anyone for that matter) as we ramp up and will enjoy becoming a contributing part of our new investor community.ThanksMatt

Creating a life by design and not by default requires resilience and ingenuity. 

About 2200sq ft is the design I have in mind.

I guess we now just need to figure out how to draft the documents for this arrangement.I also assume that we could somehow designate any maintenance/repairs issues that would typically fall on a landlord to be responsible for would be deducted from the escrow account? 

It is designed more for a high credit score delinquent borrower with negative equity not a defaulted borrower.  

Soft Cost = Architectural Design Fee, Permit Fee, Holding Cost...Hard Cost = Grading, Concrete, Rough Carpentry...and if you don't know what to account for, simply ask.this website is great in helping people find answers.Cheers.

P.S:You will want to discuss your plans for development with a architect/designer, and structural engineer, again in person.

The first thing you need is to find a good architect who is an expert in designing multi use building and understand the development process.

I have a degree in interior design and have a small portfolio (including remodels), I've gone through a 10 week wholesale coaching program, reading real estate investing books, and listening to BP podcasts, so I'm not entirely naive.