If you are earning income of any kind, the folks at the federal government want their piece.

check with your insurance agent.. also federal law dictates that when your owner occupying your 1 to 4 unit you don't have to follow the normal fair housing laws.. you can pick and choose who you want to live in the units .. now some cities or states may have overriding rules regarding this.. but federal law is clear.. on owner occ 1 to 4.. your exempt from fair housing.so you can have a dog and you could restrict dogs for others.there is a well known list of aggressive breeds that insurance companies wont insure.. this is easy information to get.

Hi Debbie,That sounds like a really awesome setup and bravo to the local government to allowing this!

., here's what to know:Legal Framework: Commercial lease options are governed primarily by contract law and the terms agreed upon between the landlord (lessor) and tenant (lessee).

We’d like to transfer their interests to an LLC – however, we do not wish to be treated as a partnership for federal tax purposes. 

If sold before his death a good estimate would be pretty close to 20% of the selling price in federal taxes. (15% on the capital gains which is nearly 100%) plus 25% on the building’s depreciation.

Also - Check your HOA governing docs to see who is responsible. 

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.

If you pull up airbnb on the city, you can see regulation has not been an issue thus far.Regulation is certainly the biggest risk, but Utah is a great state for doing business with usually little government intervention in private commerce.

You will owe 15% federal capital gains on your net profit.