@Cheng Bin Zhang I built a two story addition that included a great room on the bottom floor and a master bedroom / bathroom combination on the top floor.

I think a master lease option may be the best strategy for me right now, but I also feel I need a little more reserve cash first.

Check off the items on the big master plan as they are completed.  

You each take title to x% of the real estate and then execute a master operating agreement.  

Personally, I have a Master's Degree in Real Estate focused on Development, from Johns Hopkins University.  

I am also considering opening up a few walls (between entry hall and living room and between living room and kitchen) to give it a lot more roomier feel... and also doing some updating to the kitchen and bathrooms.The plan will be to live there (i'm getting a  conventional loan with 5% down which requires that I owner occupy for the first year) while I do the modifications and upgrades and possibly rent out the master bedroom during that time to offset some costs.

Kitchen and master suite is the focus.Taxes- Consider this: if you live in home for 2 years as primary then you get 250k tax free for profits.

But, I obviously knew and clearly conveyed from the beginning that I wanted a new kitchen, new bathrooms, a shower in the master bathroom, full interior paint, refinish the hardwoods, etc.

I have family who is going to be our general contractor, plus several friends & family who is going to help us (my brother is a licensed master electrician as well as my fiancé's best friend).

This shower is going to be in the master bathroom.