I want to BRRRR this.I confirmed the square feet with the city tax assessor, and he told me that the previous owner never allowed him access to the home because he did not want to pay the city taxes for an extra 2500 sq. ft.

My DMs are open if you wish to network or run your plan by an extra set of eyes.

He said 'why don't you just raise your rates enough so that it is the same $ as having another without the extra hassle'?

I really don’t want to get that risky with the first one but I am working full time to cover those “extras”

People will start to ask if you need some extra cash to do the deals.

Because either way any extra money that you take out from the cash out refi you still have to pay back, correct?

if you share a home with your parents and wife, your income (and your wife's) should be able to go a bit further than if you were single or the two of your lived on your own.You were able to save enough money for a down payment on your current home, so do a quick check of your finances and see if you can earn extra income or cut expenses to save for a rental. 

Why wouldn't you want to make 3x for a little extra headache....?

New loan - ~70-80% of the ARV (126k in your example - paying yourself back the 100k, plus 26k extra)Closing costs (generally rolled into new loan) - lets say 4k for example (you should shop around to see best option)Total loan amount that you are paying back monthly - 130k (plus insurance, property tax)Dont forget about the seasoning period though!

Again, the extra money spent on the membrane and the stickier/harder mortar ends up paying off here.The only realistic exception to this advice would be if you have big cracks all over this concrete slab -- but if you had anything sizable enough to worry about, you probably would have mentioned it already.