All Forum Posts by: Tomoko Hale

Make sure the bedroom has legal egress in case of a fire, either a legal sized window to the outside or a door.  If you don't want or are not allowed a full kitchen in the basement, you may be able to have a kitchenette with a fridge and microwave, but without a stove. It will be inconvenient for you to use the laundry down there when guests are present.  They are not going to feel comfortable if you are going into "their space" while they're there.  I stayed in a rental this summer like that, but where the washer and dryer were in our basement bedroom.  The hosts did not do their laundry while we were there, they planned around us.  

@Tomoko Hale

Check with your city/county regarding STR regulations first.

Does it have a separate entrance? If not, start there. 

Get estimates from contractors for adding a separate entrance, a kitchen, and updating the bathroom. 

Good luck.

Hi Tomoko, you've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience. Please contact them as we are not allow to self promote.

Hi Tomoko,

I wouldn't focus so much on the license that an individual has but instead their knowledge and expertise in your specific field of work, especially for real estate. So I think you hit it right on the nose with your question of someone having knowledge but no license. To me a license doesn't prove one is qualified for a job.

However, having a CPA or EA license allows the individual to represent you before the IRS in the event you get audited. Again, the license doesn't prove that that individual would be best at representation (in my opinion). It simply allows them to be able to represent. 

Hope this helps!