I've heard recently that the State of California passed a "ADU" law (Additional Dwelling Unit) which allows for a conversion of a garage to another livable structure.

I know a lot of people have used FHA loans to reduce the down payment size, but if I already have a home that is my primary residence I guess this is not an option?

[I also had to limit how many 10's she could have because if not everything will be a 10 for my wife ;) ].Hope that helps, and hopefully others can chime in and bring some additional perspectives! 

Most owners/managers charge an additional $75-$150/unit/month for utilities into the rent.

Depending on specific SOW, kitchens and baths could probably be reduced...

That reduces the total to 19000, which you can park in a Kasana account or other high interest account paying 1.75% if qualifying conditions are met.  

That said, simple rehab projects if done full time and correctly should expect to have about a week per $10,000 of budget plus an additional week or 2 for clean up, market ready items, misc.

Hope that helps.Couple other things you'll want to think about too if you haven't already-- owning real property in another state will very likely subject you to income tax in that state such that you will also need to file a Kansas income tax return each year in addition to California.

Right now the most likely path appears to be finding a local portfolio lender to do the loans, or refinancing several properties together into a commercial loan to reduce the number of loans down below 4 and getting another conventional loan.

We are refinancing and reducing the rate from 4.25 to 3.65 and knocking out PMI.