Be prepared with solid financial projections to present to lenders.9.

Key is talk with your tax preparer.  

This streamlined process can save time and reduce the likelihood of errors.QuickBooks is designed to simplify tax preparation and filing, allowing you to focus on running your business.

However, you may be able to capitalize some of these costs, particularly if they relate to improvements or preparation of the property for rental.Expenses (after December 1, 2023):Any expenses incurred starting from when the property was available for rent (December 1, 2023) can be deducted.

ADUs can provide additional rental income, which can help offset mortgage payments or other expenses.Extend your homeowner's insurance to cover the ADU.Be prepared for potential increases in property taxes due to the added living space.Given that your property is not in a dense urban area, make sure to check specific local regulations as they may differ from city regulations.

Be prepared to substantiate your claims.

If you need to ‘snap  increase”  then by a large margin… give your tenants extra notice and just advise them that due to significant increases in expenses we must make some pretty major increases to our rents , but I’m giving you ample notice to either prepare for this change or to plan to find a new living situation.  

Lastly, if you represent yourself, be prepared to block out several days for court appearances, no matter if the tenant shows up or not. 

If you can't cook food in it, it's not a "unit."

I fell in love with the Lowcountry way of life, including good food, beautiful trees with Spanish moss, and stunning golden sunsets.