The housing market here in Albuquerque is very highly priced and very little inventory.

I will guess that by the time you get building permits and complete your improvements your cost will b no less than $250,000 and you lost one year of rental income and you will have to pay for utilities for a whole year and maybe run into many huge unexpected expenses.If you really want honest opinions then post all the realistic numbers for your plan.

Prices are somewhat high here and like many places inventory seems to be low.

Combine that with an overall lack of inventory in a lot of areas, and then natural occurrence is an increase in overall asking prices that will change your 'all in' % accordingly. 

I’m hoping to try to find someone who has expertise in dealing with properties that need to be raised per FEMA’s significant damage/improvement rule.

Hello @David Geiger, TI allowance is "Tenant Improvement" allowance that generally Land Lord gives to the new incoming tenant towards thier interior build-out expenses in order to setup the space prior to opening for business as part of lease negotiation.

Hello everyone this is Arlin , I’m a home improvement contractor in the Northern Virginia area just staring with real state investing business, currently looking to net work with investors or partnership with entrepreneurs 

The taxes are high there but rental inventory is low so I was able to ask for a healthy amount for rent.  

It sound like there are likely to be some additional expense in conversion of this basement into a third unit, however the additional income may in time offset these as well as the deduction of capital improvements (this is for a pro/CPA to determine what adds value, etc). 

Hello everyone this is Arlin and Skarleth, hope everything is well with you all We are new real estate investors, we will love to network with new and professional real estate investors to obtain and learn our pathways to success in this business, we have experience on real estate state as we have our own home Improvement business and have been working with many Real estate investors and we love what we do, that’s why we have decided to take the necessary steps to grow more in this business We will really appreciate any advice and share experience with allThanks in advance