I just want to add an additional bedroom and bathroom (a master suite).

So if you buy at 70% or ARV minus repairs, the financedd amount will be enough to cover repairs and an additional 5% additional.

In addition, there's other factors investors look at... 

If so, that's an additional $150/month to add to your expenses.Best of luck, do your due diligence, and feel free to reach out if you'd like broker representation, I'm confident one of my investor focused agents can guide you well.

There's always an certain area in town that they rent from , but the next idea I had was changing the basement into additional space but how would I pay for a renovation such as that and how would I be able to label it as a true 3-4 bed room house ?

In addition, an LLC must be represented by an attorney in Hennipen & Ramsey county housing court. 

For only $ABC dollar amount you get an additional potential mold issues inside walls.How do I know that?

If anyone in the Thurston County, Pierce County, Lewis County, Mason County, Kitsap County or Grays Harbor County areas can provide me with a good referall for this, I would greatly appreciate it.I would also likely have additional work for this individual or company. 

My wife is unconvinced that investing in real estate is beneficial over or in addition to some of the traditional investments we have (401Ks, REITs, stock market, etc). 

Some things they consider acceptable....moving in grown children and their live in partners, pets without landlord permission,  modifications to unit without permission, bringing in curbside cast off furniture containing bed bugs etc.........Finding regular tenants that pay on time will be far less work and stress than S8.Additionally inspections can be a major pain.