Do you know how to determine reno cost?

We will renovate the fix up the first floor additional dwelling and plan to rent it out as a STR for the rest of 1st year to maximize the return of our renovation expense against our W2 taxes via the Cost Seg / Bonus Depreciation.

This strategic move holds promise for generating positive cash flow, which could effectively alleviate the future monthly deficit if I refinance my house. 

(Looks like the potential for unseen problems will sink this deal, so the cost of demo may not be relevant any more.)YES @scottmac100.

You will need 20% or even 25% down plus all loan and closing costs to make the loan happen.

Know the costs for fixing up the property and explore ways to pay, like bank loans, FHA loans, and local aid.

It may end up costing you more than you hope to save.If you want to finish the basement, hire a contractor for the job and pay them.

Lots of headwinds facing real estate, like the following: Inflation Consumer Debt Lack of consumer liquidity-- renters don’t have first and last month’s rent, let alone a down payment to buyOwners interest-rate lockedOversupply of class A multifamilyStagnation of rent growth on assets aggressively underwritten at acquisition Maturation of term debt combined with stagnant rent growth against a backdrop of rising debt rates =investors unable to meet basic debt coverage service ratios on refinance Market normalization forcing operators and investors to rely on market fundamentals (recently) forsaken, while prioritizing expediency of deploying capitalInstitutional and local investors are both frozen by volatility and cost of capital and debtAll that being said, we feel good about B and C class assets we focus on and the markets we are in. let's connect soon 

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

It would cost more to hire my attorney and go after the EDM so basically left it as is.