We are contemplating on installing a new electric boxHere is what we are wanting to do.Add a hallway (will require moving a non load bearing wall.)Add a powder room about 3 feet from existing bathroom with medium grade finishingUpdate 2 small bathrooms with medium grade finishingAdd additional toilet in master bath and move plumbing for shower and existing toilet about 3 feet. 

For units, FHA is really good, but Freddie Mac's Home Possible is really good as well if you can come up with the additional 1.5% down. 

However you need to recognize that is only 1 metric out of many ways to evaluate a property.

In addition to what Ned said, I recommend walking the potential renter to their car and seeing what kind of condition it's in.

Not sure if 200k is in ballpark for remodel with second floor addition. 

Would the IRS recognize that we're no longer renting after two years and negate our exemption?

And I haven't been creative enough in creating additional funding.If you're sure of your numbers and competency, and if you can create additional lanes of funding, I say go for it. 

Crowdfunding platforms run by a single sponsor (syndicator) as a way to raise additional capital for their dealsThe above can be divided into debt or equity.

I would have gladly paid the extra meter and impact fees to be provided an additional meter but that was not possible.

However, that comes with a bunch of additional rules and regulations.