The same thing applies to the other post as well. :)Tiger, I'm seeing your valuation process as perhaps a conventional bond approach, financially logical but IMO flawed if you're assessing from the point of view of an IRR  to some degree as in notes, having a valid opportunity cost of like investments is difficult to arrive at.

If you plan on holding for long-term, my comment above applies.

Most tax forums say that is taxed at 25%.What they don't clarify is does this tax apply even if you actually had no tax benefit from it during the period you rented it out because of your other income?

I will be applying to several MBA programs with an intent to specialize in real estate with a start time of Fall 2015.

You get a free credit report once a year by law, use it to get a copy of your report and see if the banks will accept that instead of running a report ever time you apply.  

This may not apply to your market, but an attic doesn't really cost that much more to frame since you've already got the roof. 

I like to do as much as possible eco-friendly building that saves costs, and then can apply savings toward better insulation. 

But if down the road, you plan on flipping properties, and your doing it all through the same LLC, the IRS is now going to consider you a dealer, and if all properties and transactions went through the same LLC, then the dealer status applys to all your transactions regardless.

I would imagine that would apply to this situation too. 

Should I try to apply for a multi-unit permit?