Your strategy of converting the garage into an additional dwelling unit (ADU) and using the property for short-term rentals (STRs) sounds like it has paid off well, especially given the unique aspects of the property and its location.Your approach to identifying a unique investment opportunity that was overlooked by others, and your patience in securing the right deal, are key takeaways for anyone looking to invest in real estate.

It's crucial to understand the financials and market trends to gauge the potential value of a property accurately.One key aspect is the cap rate, which is a big player in determining a property's value based on its income compared to its price tag.

I think it's important to thoroughly research all aspects of your mortgage and tax laws to ensure you're making the right choice.

Goal of 6 properties in total (including personal home)2016The plan: Ramp up my purchasing schedule - having built more resources, developed a level of comfort and understanding of the processes of deal finding, purchasing strategies, and other aspects of buy and hold investing.

General liability only covers personal injury, bodily injury and property damage, not the existing building.  

Because the question was not about becoming rich but about a highly technical aspect of the tax law.

Again all of this varies depending on what you are trying to do, and other financial aspects related to you, but these are common aspects of deals, funding etc. 

'mid-term' and it's just an aspect of renting a unit this way that you'll have to deal with.

Specifically, I'm interested in understanding more about the operational aspects and strategies that have led to your success:1.

The closest properties that match the luxury aspect are about an hour north, featuring modern high-end luxury, whereas our property offers a 'commercial' luxury due to its size, amenities, and prime location.Interestingly, during our property appraisal, the uniqueness of our home led the bank to require two separate appraisals.