The latter I always thought is permissible anywhere given the guidelines of 7 foot ceiling and 2 forms of egress.

You ought yo gigs out how long the statute runs.It is possible that your QTA Could wake up a sleeping dog who bites.Therefore, until competent legal counsel reviews the facts and circumstances it will be difficult to assess the likelihood of shooting yourself in the foot. 

The previous owners put in an amazing 2 1/2 car garage, and it is on a 9,500 square foot property.

Is there still money to be made in the war zone houses or investors won't even step foot in that area?

These transplants are used to property values with a price per square for of over $375 (OC CA) and when they see what $117 (Collin TX) per square foot buys you in Texas they are amazed.Until we have an equalization of the property values, or the monthly payments homeowners are making, we will not see a slowdown for areas which are doing well and continuing to develop (I know this is a broad statement but I am still expecting people to make good decisions and buy good deals in good areas, there are definitely bad areas in Collin County and it is hard to find good deals).My main concern in this equation is we are leaving out is the property tax rates and assessments.

While I'm at it, I wouldn't touch the BP calculators with a ten foot pole either ... complete garbage IMO.

As a simple example, if my friends expect me to foot the bill when going out if you make a lot more or have higher net worth, then I won't let those friends know.   

A 1,664 sq/foot, 3/2 house rents for $1,400.

So you look at cost per sq foot, you should be around $80-$100.

I have just finish up a short weekend introductory course on real estate investing, and decided (like many other beginner investors) that wholesaling would be a great way to get my foot in the door.