Although it is a short timeframe, I'll ask about their depreciation schedule and will consult with my tax advisor.

Consider defining clear roles, ownership percentages, and responsibilities upfront, and ensure you’re protected if the partnership doesn’t work out.Since you already own properties, it might be worth consulting a CPA who specializes in real estate for advice on tax strategies specific to your situation.

Sometimes cities will allow this, but it depends on local zoning rules.If neither option works, it might be worth consulting a real estate attorney to explore your options.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

Both partners should consult a CPA to evaluate potential savings and optimize their tax strategy.This post does not create a CPA-Client relationship.

Its a great idea, but you will need to consult the township in order to understand their requirements for liveable space.

Definitely consult an NC RE Attorney!

Of course, we'll be looking to consult with a CPA on this!

Depreciation begins once the property is rented.It’s essential to consult with a real estate attorney to ensure compliance with local laws and to handle legal complexities.

Taxes is not my area of expertise so I suggest readers consult with their own tax advisor on this subject.