. $500 mortgage would make your cost of living there $200, would it be possible to refi to get some of the money for the garage conversion?

Always do the math anaysis and try to look at the prospective property before you make an offer on it or at least have a clause in the sales contract that will allow you some time (about 15 days) to make a detailed inspection and possibility of backing out of the deal without a penalty that will hurt you too much.  

It's an option that can be used to get into the business, but if you should do it can only be determined by you and your husband, possibly with the help of a CPA or similar professional. 20-45k is generally enough to get started, depending on what you're getting into and where you are.If you are going to be risking your primary residence with a HELOC, my suggestion is that you make sure you could handle the possibility of that money going into a failing investment and getting lost.

It takes a few weeks longer than normal, if you really stay on top of it and get the paperwork done as quickly as possible.  

I may possibly be on to something, or I may be on to something I shouldn't bother with. 

There are workarounds which would require your accountant to understand and possibly make some year end adjustments but it (QB) could be made to work how you want.

Take your time and learn as much as possible, so you do not make costly mistakes.

There's a lot of questions you'll need to ask your lender to make sure it can be done but it is possible.

I'm trying to figure out what are the possibilities with this property, if any??

If you are in a hot and possibly peaked market (Things have slowed right down after the introduction of the foreign investor 15% tax) are there any real good opportunities to get cash flow positive properties?