That cost $2,300I went with a local artist who did the mural and the one by the pool for $4,200.Flooring is 4 large rugs with rug pads.Gaming systems are PS5 and Xbox One.You can see from my setup that a sofa/sleeper could easily add a queen bed capacity.  

The hardest part of the deal was finding someone who would finance 50K for 30 years and be ok with making $1.48 in profit a month.My mortgage payment was going to be $312 and this house, by my estimate should rent for $1,050/ month - which it did.

Fannie Mae's guidelines verbatim are as follows:Must be occupied by the borrower for some portion of the yearMust be suitable for year round occupancyBorrower must have exclusive control over the propertyMust not be rental property or a timeshare arrangement (this has the following disclaimer in the guidelines:  If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).Cannot be subject to any agreements that give a management firm control over the OCCUPANCY of the propertyThis means that as long as you intend to occupy the property some portion of the year, you could absolutely rent it while you are not using it. 

By changing any of those, you then are required to update the code for the room, which would most likely add to your list the requirement to add a smoke detector, which may not already be present in the room if it is not a new home.Now, that is the RIGHT way to do the conversion. 

Additionally, by virtue of owning all of the units I could, with the help of an attorney, construct the bylaws in such a way to maximize value and eliminate bylaws that would be value-restrictive.I've talked to a couple of non-QM lenders who could provide financing to buyers under such a scenario, but the tricky part is appraisal value, especially in a state where, according to Redfin, no co-op's have sold in the last 5 years.If I got a couple units sold using seller-financing at $220/sqft, since there aren't any other co-op comps, would this provide a basis upon which an appraiser would provide a valuation closer to $220/sqft than $135/sqft?

agree with everyone else one thing to have it on a home you live in. but for a rental no way.your tenant expects stuff fixed.. even manufacturers warranties are fairly useless to the landlord.one of my units had a 2 year old water heater crap out.. but by the time you apply for the warranty etc what do you expect your tenants to do go without hot water for weeks ?????

Thru the years it has been vandalized and damaged also by weather.

Here’s how you can calculate the income requirement:Monthly Rent: $1,680Income Requirement Calculation:Multiply the monthly rent by 3 to find the minimum monthly income required:1,680×3=5,040Therefore, a tenant should ideally have a monthly income of at least $5,040 to comfortably afford a rent of $1,680 per month in the DFW area.

From an exposure to liability, in the sense of how much a party can be responsible for action/inaction can come down to the participation for that business.  

A title company that has experience working with investors that wholesale or use the sub2 method.