I intend to get a single family residence, add an ADU, live myself in the residence and rent out the ADU as a studio apartment long term.I have checked my city's ADU laws and long term renting is permitted.Question : can I obtain the REP status while maintaining the ADU while it is in my primary residence?

Quote from @Richa Wardhan: It's inside the city zoned RG-1, we would like it to be a vacation home and STR Hey, RichaIs the home already a vacation home and STR or is it a primary residence looking to convert over after potential ADU built?

For the past month, I've been soaking up everything I can from the BiggerPockets podcast, and it's only fueled my excitement about real estate even more. 

My primary residence is a condo where there are only 5 units and we all make up our HOA.

Current situation I have a primary residence in MA and a SFH home LTR in Akron currently on a 1 year lease.

Primary?  

So it can be much better to keep the existing policy, with you as the primary insured entity, and add the wrap buyer as additionally insured.

Make sure to factor in insurance (slight change as rental), property tax (in our market is 2x a primary res), vacancy (3-5% in most markets), capex (old roof?)

Purchase price: $740,000 Cash invested: $1,300,000 Sale price: $3,850,000 I refer to this project as a new construction house hack, as I secured a primary residence construction loan for a two-family home.

And buy your next primary residence.