Since this is our first time stepping into the commercial space, despite doing what we can to increase our knowledge, we are still green when it comes to this process.   

Plenty of off-street parking space.

Plenty of off-street parking space.

I bought a property and want to convert an office space into a BR.

@Stone SaathoffHi Stone, I've got limited experience and really only have strong experience in the short-term rental space, so I'm just looking to learn more about long-term rentals.

I wouldn't mind roommates at this stage of my life right now, but I know I would probably prefer a separate living space if given the choice.

Timing might be right, people need to live somewhere, why not at your house, the one you just creatively controlled and negotiated a giant discount on  an IRR of 37%.Baltimore is on the crap list now to many who listen to nay seers , but folks need housing, businesses need space, sellers need end results; Timing  may be right if you are smart enough to see thru the crap that is going on and learn the secrets of creative financing negotiating skills, assignments and creative ways to insert yourself in the chain of title.

You can't depreciate share spaces like kitchen/living. 

@Bjorn Ahlblad - I'm not sure of your particular situation but I would highly advise you to reconsider leasing space on your property for a tower. 

I'm starting with a house hack for my primary residence, I've carved off a 600 sq ft section of my house and I'm turning the space into a full studio apartment.