Garages are not built as living space, the main consideration being the slab and it's lack of proper rebar, PSI, and vapor barrier.I've been asked to have the slab X-Rayed to prove that it was up to current codes.

There is plenty to take into consideration.

They know exactly what to look into to make sure the layout takes into consideration all the major building codes and local zoning requirements that you will need for permitting.

Additionally, since I have a solid credit score, the mortgage insurance would be considerably low on the conventional loan and will drop off at 20% equity. 

But you're right, given the location, families with children are not necessarily my target audience and so schools should not be weighted as strongly in my consideration.

The goal is to pay out my silent partner via sale or cash out refinance in 5 to years.I'm a bit at a loss in terms of how to calculate the math so that the split is properly accounted for upon exit of the silent partner but that we also accurately take into consideration the ongoing payments of income.

One consideration is the velocity of your money. 

Great considerations @Lionel Johnston. 

There can be state and local and National consideration that you can't just take someone else's contract and think that you are fine.

Account Closed  I wonder if the BK court could set aside the sale if there was not proper consideration?