All Forum Posts by: Jamie Engledow

Grow or source your own?  Dirt, bamboo, palm, logs from trees, etc.......

Yes, I do understand the *** ons I mentioned would exceed the $5,000 cost.  It is still super cheap!

I have never AirBnb'd a rental before, but I haf the idea to build an earth bag dome with a bamboo and palm frond roof tiny house and a few Tiki huts on my own land in FL and renting them out as nightly rentals.  I would grow my own bamboo and palm trees.  Earth bag dome 20 ft diameter with bamboo trunk and palm leaf roof, if I built totally by myself and used lumber and dirt from my own land, may cost $5,000 max,.  Then deck them out with luxury bedding, decorative lighting windows, built in tables and benches, lofts with stairs along wall, composting toilet, propane heated shower, propane heated bathroom and kit chen sink, microwave, composting toilet, solar powered electricity.  What do you think this might rent for oer month in Loxahatchee Grove, FL (near West Palm Beach)?

No.  Homestead exemption generally means you live in the house.  Only way you might continue to get is that you originally lived in, then moved away ro another state and you never changed status, but you have an obligation to inform your taxing authority when you no longer reside in the house.

How many times will you be traveling 2400 miles and does it make more sense cost wise to fly?

Before I read any further you have a complicated questionright fromthe getgo by stating "Canadian Corporation".

Just title it personally and then allocate usage to businesses. Don't make it difficult or appearance of hiding something.

I have never looked up or read the reference Edmond provided, but I agree with him.  It seems it would be rental property and income and expenses claimed onsch E (note I have never encountered this situation, nor did I research tax law to answer, just going on top of the head common sense mixed with other experience).

I dont think your only consideration should be "if you might be sued".  You also might think about fair allocation of assets and profits as well as operation agreement, etc.

You lawyer is correct and most mortgages are set up in that manner.  From this forum and multiple podcasts I have watched, many do transfer anyway, with no consequence.  I don't think the banks really care so much as long as the mortgage is paid, but they would have the right to call the loan at any time.  So, it is just up to you.  What can you stomach?