Turning Basement into Rental Unit
Does anyone have experience with turning a basement into a rental unit? What are the challenges/obstacles in doing so?
My current situation is that I have a seller who countered me and the price they are asking would make a meh deal. However, adding an extra $350-$400/month from adding a third basement unit would definitely make it worth it. The property is a duplex and the basement is unfinished on one side and partially finished on the other side. It currently has a kitchen area, a 1/2 bathroom and another open room. I could figure a way to turn this into a small, livable area by adding a shower, bedroom area, renovating it, etc. I am just concerned about unforeseen obstacles such as occupancy requirements, mailbox issues, city permit issues, etc. Any help is appreciated!