Thanks for the tag, @Steve McGovern, but I can't help with this as it is both a residential (not commercial loan) situation, plus any additional funds would be in 2nd position behind the bank providing the original 203k loan.

I am in the middle of a purchase for a two family property, definite add value with the addition of one bedroom to both units.

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

My only addition would be to search and analyze deals as often as possible to help you learn what a good deal looks like.

Just cash your checks.As for an up charge due to the additional occupants; charging additional rent for his girlfriend & child would fall under familial discrimination.

We were actually wanting to buy a duplex with it this second time around but the bank was telling us that we’d need 20% down on each additional unit being we wouldn’t be living in it.

We would likely have to add additional egress point for the upper unit via a deck and some stairs. 

These are just some practical questions in addition to the wise "temperament and personality" issues mentioned above.  

(Did you have a contractor look at the building[s]) Are you taking out an additional loan for that? 

Now the house is paid off we are finally seeing good cash flow, but we also are realizing now, that instead of having had our tenants pay the additional interest on a longer loan period, we used OUR money and savings to pay down the interest.