This sounds very disorganized, doesn't give me confidence in your builder - the HOA legal (s) should have been ready when they broke ground.

I understand that bonus depreciation is phasing out to 60% in 2024 and 40% in 2025, so I would prefer to do this project in early 2024  (and of course get higher rent as well). 

If the tenant causes a fire (tenants burnt my great grandma's house to the ground) the insurance may very well not pay.  

Hey @Rob Chiang - it depends on what phase of life most people are in.

I'm in the beginning phases of syndicating self storage.

They can be your "boots on the ground" and help ease any fears you may have about remote investing.

Regarding the comment above on fire sprinklers -- the state ADU law says that they should only be required if the main house as sprinklers, and that will be the case whether its a conversion, an addition, or a fully ground up unit.

a free ride while myself sacrificing $500/mo seemed financially irresponsible.Boyfriend/girlfriend relationships and living together for the first time are the proving grounds for deciding whether 2 people are compatible for marriage or long term partnership.

When I have taken over properties with many different tenants, I typically take them into different phases.  

Ground Up Construction loans (for 1-4 unit investment properties).The principals of 11 Capital Finance have been in the commercial lending business for over 20 years and know how to properly advise a borrower on any type of commercial real estate transaction.