If there's no additional credit check fee for both the applicant and guarantor, then it's included and so it would actually be on the low side. 

The only difference was it had parking for one additional vehicle, the cabinets and countertop are newer, and it has a larger deck. 

The real options I’ve seen (not the happy homeowner lease options) typically are for a year for a set option fee, with the right to renew for another year at a set additional fee, with or without a price escalation.

The bank gives me $75,000, I "make up" the $50,000 I initially put into the investment and pocket an additional $25,000.Does this make sense or am I misunderstanding how this works?

While I encourage you to network via BP, I think your best bet at this point is to find someone through your local meetups.

Then the buyer would need to pay the additional $3k to complete the build out of the garage.

  #1 Federal Historic tax credits will ultimately return somewhere between $15,000 - $18,000 in federal income taxes next year #2 Historic homes have character that short term renters value & will pay additional for in their short term rental experience#3 Completely remodeling a home with high-end finishes will probably not pay off for long term rentals, but does seem to in the short term market. 

What additional forms to do you include?

What additional forms to do you include?

That's why I think it's important to work with an agent who has worked with house hackers before and therefore worked with lenders who have worked with house hackers before.I bet if @John Warren cannot help you out he can refer you an agent in your area who can!