Once you start adding in the extra costs and time spent, the higher return doesn't look as good, IMHO.To answer the OP's question, for a SFH, in my market I can get $900/month with all in cost of around $40k.

However, the heated and gross square footage and number of rooms on the appraiser's website matches the information in the MLS ad, so I assume the county at least knows about this conversion, although I can find no proof that it was ever permitted.Has anyone here ever had any electrical or safety issues with tenants after buying one of these conversions?

I just added a shortlink for BiggerPockets over on G+ . . . should make it easier to remember, for those of you who are regulars: gplus.to/biggerpocketsIf you're not already on G+, I strongly recommend it.

The buyer must show the option assignment fee as an expense of acquisition of the property, it is added to the buyer's basis just as other expenses may be in buying the property.This go between BS is facilitating a lease, if it does close, you're facilitating a sale, do you have a RE license?

Classified Ads in Newspapers – local paper, Pennysavers and local real estate publications (“For Sale by Owner”.)2.

Put it in the ad so that they are not surprised when they show up.If you use Quick Check you can run the reports and make the decisions yourself.

You set up a JV, file for a D/B/A, set up the account, and dump the money in it.

I also responded to a variety of ads (but always talking it up with the owners).

There are sure to be plenty of tenants out there who won't mind the added noise, especially if it gets them into a place for $100 or so less than another similar place.

If not you won't really be adding much value.