The property is in Brighton and I believe a separate dining room is not a "must have" for many young professionals in that area.The existing living room would then become the new bedroom and it would have the SF and windows to meet the requirement.

I've called two separate electricians out to review today, I feel they may positioning to try to get out of lease (or at least one of them is- the other two weren't copied).

With opportunity value on cash at a minimum 10% your equity (30K) earns $250/month of the rental income separate from the income the property itself earns. 

Property is in Tempe AZSecondly, I have a separate studio unit at a duplex property that is currently permitted as a storage unit only but fully finished as living space.

I like that it is separate from my other accounts so I only see it quarterly when updating net worth.

For example, if you own a home or have stock or retirement accounts that you want to protect from lawsuits that could happen at your rental property, then you isolate liabilities by placing them in separate entities.

If the units are not separately metered and the owner pays utilities, this could almost completely kill your cash flow, especially if the house is poorly insulated.

So each unit is on separate meter for water and you have another separate meter for basement.. that's rare..

Analyze each one separately first and then see if it works for you and your buyers.  

Jameel Tillman I always put my property in separate LLC's.