My question is, upon getting the property re-appraised after strategic renovations to increase the value of the home (Kitchen, Bathrooms, Flooring, etc) would I need to refinance to get the PMI removed or would it simply phase out as I should now have more than 20% equity in the property if everything goes according to plan.

But after I have had guests complaints with things like forgetting to empty trash, food left in the oven, no towels or soap in a bathroom I have reconsidered it, and starting over with a new crew.

I was going to rent the unit for ~$950, and I would essentially get $2850($950x3 months) worth of “credits” from this GC.

Purchase price: $161,200 Cash invested: $1 Duplex with 3 bedrooms and 1 bathroom per unit.

Purchase price: $178,000 Cash invested: $50,000 Duplex, 3 bed and 1 bathroom per unit.

If my math is right you could almost double a properties income potential by adding an Accessory dwelling unit which will probably cost less than 10-20% of the initial home purchase price.Example:SFH purchase: $400,000 renting at around $2,100-2,500 (after about $5,000 updating)Garage Conversion: 25,000-100,000 (maybe less if I can find one with a bathroom next to the garage)1 bedroom renting near Fairfield CA: $1500 monthA lot of these numbers are idealized but this could bring the Property near to the 1% rule.400,000+25,000+5,000 = 430,000(2500+1500)/430,000 = .93%Now if we get this to work and we take it a step further and add a second ADU to the backyard for 100,000-200,000 we could add a 2 bedroom and add more incometotal cost: 430,000 + 150,000 = 580,000rent for 2 bedroom: 2,000Total income: 6,0006,000 / 580,000 = 1.03 %Do these number look relatively reasonable to anyone that has more experience with adding adu's in California?

Essentially, the taxpayer will need to acquire everything that he has identified to make this work, and that is why it is not relied on too often. 5.

But the previous owner had made some additions to the house and an extra bedroom and bathroom were added apparently without obtaining a permit.

Essentially you are selling them YOU!

A beautiful newly renovated 2 bedroom apartment where i will be living with my husband and daughter and a 5 bedroom unit next door (also newly renovated) with 2 bathrooms that we plan to rent by the room.