A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

Plus if you bought with all cash from the proceeds of the sale you would be trading down in asset value quite a bit.Depending on the refi rate you could consider keeping this and refinancing it to pull some cash out which you could use as a down payment on another property.Just some thoughts, hope they help the issue with the refi is those rates at the new loan if i do a 75% LTV will almost overcome the cash flow its producing now and basically get to a break even point.

If it is way more work and maintenance but cash flowing the same as a smaller unit doesn't make sense, but since you say high maintenance high reward I'm guessing this is one of the best producing properties.  

Very likely the seller doesn't know the income-producing value of those extra spaces and therefore has not included it in their pricing.

If you have a lot of equity in your home I would first evaluate if it's possible to leverage any of that equity to acquire another asset that would produce more cash using a home equity loan or line of credit3.

I searched for it on the file space and I was unable to download it.Thank you!

You might still maintain your HYSA, but it could require tax filings depending on the country you move to and U.S.

You may see a difference if you're selling to an investor that would price it as an income producing property. 

At any point in the process, you can file an eviction to remove the squatters.

I am a 21 year old and I’m currently employed as a 1099 contractor (intern) for a digital marketing company and have been working there for a little over a year now (Haven’t filed taxes yet).