Additionally, another neighbor who owns an adjacent parcel has expressed interest in joining the project, contributing their land to the development as well.I believe this could be a great opportunity for all of us, especially as a unique retirement plan for my family and my neighbors.

Here's some input to help guide the decision between selling or renting the property, considering the specifics of the property and the potential additions like the ADU (Accessory Dwelling Unit):1.

One key difference is that Prime also includes monthly bookkeeping in their pricing.For reference, here’s what Taxstra provides for $1,500:• Preparation of individual tax return• Electronic filing of federal & state returns• Review of prior-year return for consistency• Up to two hours of post-filing support for minor corrections/questions• Digital document storage• Short-term rental loophole assistance• Personalized video walkthrough of the tax return• IRS/State correspondence for any notices or inquiries• Year-round access for “quick questions” (not requiring additional research)Does anyone here have experience with either of these services, or have recommendations on what to prioritize at this stage?

My advice would be go for the most they will loan you as long as you're in an appreciating market and you can find a value-add. It's

Additionally, as a co-owner, he would directly benefit from any appreciation, tax deductions, and profits from the property.On the downside, being on the loan could impact his credit score, especially if there are any missed payments or financial issues.

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

To protect assets while maintaining tax benefits, you might consider an umbrella insurance policy in addition to the LLC structure.This post does not create a CPA-Client relationship.

These are professionals with additional training and a stricter code of ethics.

Considering that my parents and I are not Canadian citizens it adds an additional wrinkle to things as they or I are not able to claim this as the primary residence and avoid the capitol gains tax... a lot to consider and think about.

Updated the kitchen, bathroom, and pulled permits to expand an additional bathroom/walk in closet.