Ok, it looks like I am at least on the right track. 

But it's nice to hear it from someone else that I may be on the right track.

Just a few additional points for you to consider to hopefully get you on the right track:* Option to Buy and Lease are separate documents with separate purposes.* Tenants pay a NON-Refundable Option Consideration Fee in order to receive that option. 

Now, I can get back on track to finishing the basement as originally planned.  

Hey @John Hemphill I live just down the road from New Brunswick, so I'd be happy to discuss real estate anytime.A few things to think about:- You are absolutely on the right track - buying a house through FHA and living in it and renting out the other units/rooms can be a very smart idea.

You don't want the appraiser to miss anything that might raise the value.As you know, for tax purposes, you need to keep track of your hard costs.

Hey Rami Henen - you're on the right track.  

I'm currently looking for a platform to track business expenses for tax purposes.Thanks for the advice! 

Are you tracking your current response rate?

Do not cut any corners on estimates to make something look better on paper but is not real..Track all income and expenses by project and in report form and review them regularly with a few other people you trust and understand your goals and plans.