I did my first fix and flip about a year ago. Currently I am working on another. I'm excited to continue growing my real estate knowledge and portfolio. 

They are there to build you into a stronger business person and leader, to open yourself up for MORE.It took me 4 months to get traction for my FIRST ASSIGNMENT DEAL (after losing everything in my first 5 out of state deals... if you haven't read the story, here it is again... ) , but once you learn and build MOMENTUM, things get easier and faster...until they halt again, as there's another lesson you need to learn as you grow into the next version of YOU, and YOUR BUSINESS.

SFRs (less than 5 units) value add often entails  buying a property which can not be bought with bank financing (e.g bad roof, open walls/flooring etc)  at a deep discount with high cost private financing.

In addition to ensuring that the room is built to the proper load bearing capacity as @Mike Reynolds mentioned, you should also keep in mind that you need a second egress point, such as an egress window, for any habitable room especially if it is designed for sleeping purposes.

I am open to suggestions, though. 

Other Architects with this in mind chimed in on this chat.https://www.biggerpockets.com/forums/44/topics/1135087-archi...

And that’s why almost every single person on the Federal Open Market Committee believes that it will be appropriate for us to reduce interest rates this year.” — Jerome Powell, Federal Reserve Chairman, during his “60 Minutes” interview.

I know self-managing can save money, but I'm willing to consider the trade-off for peace of mind (especially at first)STR Permit Worries: My property is in Tobyhanna Township, where whispers of an STR permit freeze loom.

You will also want to be sure to keep your eyes and ears open to the possible tax benefits of investing in RE.

If you already have a property under contract or have a property in mind that you see as 60k all in you should build in 10-15% in additional costs as a contingency fund because things happen.