A realistic timeline is 45 days for approval then an additional month for inspections/ reinspections and move in.  

Separate “must-do for safety/function” from “nice-to-have to increase ARV.”For BRRRR, the only things that must be done upfront are the items an appraiser, inspector, or tenant would flag as functional or safety issues, plumbing, electrical, bathroom addition, paint, etc.

You can terminate the current lease by mutual agreement and issue a brand-new one that includes the additional adult as long as the new person is fully screened (credit, background, income, rental history, employment, etc.).

Then insurance is an additional hedge for against total loss.Reducing risk in how well you operate, ensuring safe grounds & premises is important, then as well as reducing the amount of inside & outside liability you generate can help avoid instances of needing to submit claims.

Quote from @William Whitley: I have an investor client that purchased an improved property for rental and it included an additional lot.

How do you work your way up to save enough money for a down payment, at least 6 months of morgae payments plus additional money for any fix uppers?

I’m now exploring additional ways to keep occupancy strong—such as veteran housing programs, OPWDD, immigrant housing, or other referral sources—so if anyone has leads or contacts, I’d appreciate it.

While a tax professional or your custodian should be able to provide some additional information, here a few key things to help you on your journey:1. 

We regularly add walls to create an additional bedroom, instantly increasing the rent ceiling for Section 8.4.⁠ ⁠

They blew up our loan with 2.5 weeks to go by not properly disclosing fees, the broker was hard to reach, didn't get info to us as he should have and at the end was going to charge additional fees for a return trip appraisal because of their own error in not disclosing the lender requirements for the appraisal.