It does leave a bit of wiggle room for interpretation based on square footage.  

We're possibly looking to do something larger after we get our feet wet. 

so now we're back to square one. - Are there more financing options that I'm not seeing? 

Some will state "x number of people per square foot". 

The apartments I'm planning would be 750 square feet 2 bedrooms (small bedrooms) and brand new since the place is a total gut.   

I do not have a set cost per square foot, as every job is different depending on the client, the area, condition of the house, and the overall product you're wanting to deliver to market.  

I'm a newbie and am getting my feet wet looking at all the ways to get into this business. 

Lot size is 7,957 sq. feet - small with easy maintenance.  

I would be partitioning about 150 to 200 sq feet of the living room for my office, to do admin work, do the lawyer thing and draft documents and to store paperwork.

It is fully functional with a full bathroom and kitchen and over 700 square feet of living space.