Adding extra bedrooms in a basement plus converting a garage gives you an up to code triplex so to speak.

Once you have a contractor who is willing to do the work, what's a few extra pages).

Even if it's vacant an extra month, the bullet you dodge is worth it all the way.

It could be a bit more as you may be required to bring in a structural engineer and have to pull extra permits.While it's possible to make money with this type of project, you need to be in the right place at the right time and I still find it hard to believe that you wouldn't be better off finding another property.

However, I intentionally chose not to pay off all my houses so that I’d still have money in the bank and could use that extra money for other things (i.e. buy more rentals, private lending, kids colleges, etc).So, as important as your values are, money is important too when it comes to investing.

  $80K is a good salary, so that would leave a lot of extra money to pay down that debt.  

Just take into consideration and try to find quotes for:-lenth of trench needing dug (service line to home)-water line and other materials required-labor for what you dont want to do-grass seed etc to restore yard-extra $ for when you cut thru something when digging that wasn't marked

If you are profitable and would like to make extra payments at any time to reduce interest and loan term, you have the option to do so. 

So it's all in those extra details as to what the numbers will be.

I know it's extra work for you, which I *totally* appreciate, but I'd like you to start from scratch with a new lender, these rates are EVEN LOWER than before, by a LOT, and I want to take advantage of that.