Who knows.Another option would be to buy a small parcel and slowly build a house with/for him and pull owner permits.

Your strategy of converting the garage into an additional dwelling unit (ADU) and using the property for short-term rentals (STRs) sounds like it has paid off well, especially given the unique aspects of the property and its location.Your approach to identifying a unique investment opportunity that was overlooked by others, and your patience in securing the right deal, are key takeaways for anyone looking to invest in real estate.

Being leveraged for a bit isn't the end of the world - there are usually options available if push comes to shove - 401k loan, personal loan, sell stocks, credit card (then balance transfer continuously until you can pay the balance off) and lastly sell.

It's a budget friendly option to some of the other services, and they have engineers on staff + audit defense, but the more expensive cost seg companies ($1500-2500) will actually do walkthroughs of your property via Facetime to more granularly estimate components of your structure. 

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

I’m an investor in The Woodlands and a mortgage broker.Whatever you decide, great job securing a house with such a low interest rate and good luck!

Here are some of the highlights: quickly set up bank accounts for each property and sub-accounts under those for things like security deposits and CapEx; virtual credit cards tied to each property; quick transfer of funds; ability to send money back and forth to tenants (some platforms are for collection only but won't let you send your refundable deposits back to your tenants); easily categorize every transaction into IRS Schedule E categories for reporting taxes; ability to split transactions; tenant management from vetting to drafting lease agreements to collecting rent.

I'd have to double the security deposit, raise the rent by 20%, and double the cleaning fee to even make it worth considering-- which I would if people were willing to pay but the market doesn't support those prices.

The price of the house ($1.4m) requires me to secure hard money lending to purchase. 

Since the space is usually open where the pews were, it gives you a lot of options for games or unique things for the space.