On the insurance question, I would imagine you would pay a little more since it’s extra living space someone would be occupying (slightly more risk).However if it really is a family member and not a tenant, then I wouldn’t imagine it would be a lot more.You can ask your insurance agent this before you buy though, and s/he should be able to give you an estimate of what the whole bill would be.You definitely want to keep your insurance agent in the loop about your proposed use for the building/space, especially before you buy, so s/he can make sure you have the proper coverage.

We bought our first single family rental property in 2016, not really knowing why or how to properly run it.

My concern is not properly planning my renovation budget.

IMO, I think the unit runs adequately and is habitable for the time being while I can figure out how to properly install a new unit It is important to note that because of so many issues to replace it properly were presented and no one offered an immediate solution, it took me too long to start fixing it.

Hey everyone!
I hope you're all safe and well in these crazy times. My name is Omar, and I am in the process of learning more about real estate investing. I have been analyzing deals daily in a workbook I built based...

I will definitely be following this to properly educate myself and yes I will definitely jump in!

As a new RE investor, I don't really have the proper tools to analyze this decision, other than thinking that the potential upside of renting is small compared to the potential downsides of a RE crash, future vacancy between tenants, falling rental prices, falling home prices, etc.

Remember, the interests are not aligned properly.

I haven't confirmed but I'm fairly certain that the basement isn't considered "habitable space" per city guildlines since it only has windows with proper egress in the kitchen area.My question is, how should I go about having an evaluation done to determine what I would need to complete to have the space permitted for renting without drawing unwanted attention that could have city inspectors knocking out at my door doling out violations?

If you are here, concerned about returns and sophisticated enough to properly analyze investment properties, you're beyond Ramsey.