Trying to Square the Circle
It was time to put the thinking cap on and crank it up to "eleven", if only to drown out the Rolling Stones' rather unhelpful, continuous loop of "You Can't Always Get What You Want".
Another "possible possibility" is to keep the scope as-is, while continuing to search under stones for other sources of funding to make up the shortfall. On Friday, after the meeting, I did just that; I contacted a few mortgage companies to explore cash-out refinance options. One looks somewhat promising, but the amount the property would need to appraise for makes it a bit of a risk.
Saturday, however, I awoke with the thought that the main impetus for the project was a larger studio, not to have two more rental units to manage. Why go through all the trouble if I'm only doubling my working space (initially)? Other than the additional income?
It's Monday morning as I write this, and between Saturday morning and today, I've played with at least three or four other combinations, with their associated pros and cons lists. To attempt to recreate my thought process here would be as exhausting for you to read as it would for me to write. I'll spare us both and give you the bottom line:
Dunno. Squarely on the fence at this point in time. And we should really decide asap, as the longer it takes to get the project underway, the costlier it will be, since mid-winter is typically a cheaper time of year for both materials and labor.
To be continued...