Additionally, have to work around the concrete slab/driveway.New plan is to just finish converting the garage and instead of building out, raising the roof enough to get a second level.

And, of course, you would also factor in the cost of any additional loans you take out for construction costs if they're not included in your mortgage note or financing charges for the purchase of materials you put on a credit card if you go that route.

You can also use FHA up front and then fund the rehab with credit cards, which is a little more risky but not that bad.

Can you raise capital through any of either method? 

Joe is also correct that paying off as much debt as possible is imperative, especially high interest debt like credit cards.

Hello again, BP.So, I have not raised my rents in roughly three years, but really feel the need to increase rental prices now after looking around.Currently at $1,245 for a 2 bed 1.5 bath 1060 sq ft flat in a B+ to A- location.Should I offer the increased price of $1,445 to the current tenant or remove them for minor renovations before renting back out?

The fact that you unquestionably believe this to be likely shows your lack of experience in this market, and makes Q1 and Q2 even more important.All in all, in skimming over these important points to plug numbers into a calculator, it really, really sounds like you're building a house of cards on a very questionable foundation.

As Caroline stated, tax cards are often wrong because the homeowner can provide that information.

Yellow Cards?

We were both raised with a mindset of "if you have it, spend it!".