This property has a full unfurnished basement that could be converted into another unit as well with a side entrance.  2.

It looks like if we rent for section 8, rent can go for about $1,700 or so, so we are looking into converting the attic to a 4th bedroom, but it will only have 1 bathroom. 

We're looking to convert our current home into a rental with the option to purchase.Would anyone happen to have any thoughts, tips, recommendations on structuring a lease option?

. $300 will convert on $500 or more for repairs and additional costs.You have to find a good deal and partnering with an agent to help you achieve that is key.

I put in ~$500,000 in repairs, upgrades, furniture, etc and converted to a 4 bedroom. 

I am exploring the idea of removing the stairs in the main house to the 2 floor and stairs to the basement to convert the 2nd story to a separate unit(add stairs outside) and convert the basement(cut egress door). 

That sucks.In general, I would think converting shares to a promissory note would not be a taxable event, but if the note never gets paid back, the note default would certainly be a taxable loss.On the other hand, you have probably taken depreciation.  

I'm buying a 20 unit motel that will be converted to extended stay and expect guests to stay month to month, and beyond. 

I plan to convert to an LLC after I refinance.  

There's a lot of moving parts to this question @Marysue Connelly.If you do a 1031 and then later convert it to your primary residence.