Our house is one of the larger lake homes in the area so it caters to large groups.  

I suggest taking the time to clearly define your goals.

That is the best course of action.

At the same time, adding a 650 SF 1br/1ba detached guest unit in the back yard.

The biggest signs you are a procrastinating newbie:1.)

These allow you to bundle renovation costs, and if the post-renovation value meets 20% equity, you may be able to avoid PMI.

I would greatly appreciate your input on this matter.Here is my setupPurchased property under a TrustLLC in FL owns the TrustHolding company LLC in WY owns LLC in FLI purchased the property sub-to, took over the seller's mortgage and I’m working on setting up insurance for the property.I understand I need to keep the seller as additionally insured in my insurance, but the seller no longer has "interest" (ownership) either in the Trust, nor any of the LLCs nor in the Deed nor Settlement Statement.

Does anyone know what the landlord is supposed to do when construction will be occurring on the premises? 

Welcome to the forums @Bobby CofieldI love the pay it forward mentality! 

And were paid in full .