It's surrounded by small, older SFH on large lots- half to 3 acres, right in the middle of town.

HI Stephon, Just now seeing this post and if you were down here you know that the city was shut down with the first 5+ inch snowfall in a decade haha.

Over half of my clients are remote Buyers, so I've gone through the STR transition process with lots of investors over the past few years.

@Jim G.Per the International Residential Code if the glazing is less then 60 inches vertically from a standing or walking surface then yes it’s required to be safety glass as it’s considered a hazardous area.  

In 2024 I added a half bathroom our of existing space in a high cost area (over $2k/ft). 

If you work the valuations out right you can purchase a duplex with your 1031 exchange that will allow you to move into one half immediately again. 

Hey @Keagan Scott, so I don't have any insight into Gary, IN but here is a blurb -"Those looking to rent out their properties for less than 30 days (about 4 and a half weeks) will have to get a permit, pay a one-time $150 fee, and have a city business license.

A property with only one full bathroom will be more valuable with a downstairs powder room or basement half bathroom.

Simply gifting him half the property now wouldn’t immediately allow him to claim the exclusion without fulfilling this residency requirement, I don't believe.One thought would be to use a HELOC to pull just enough equity out of the current home and use it to buy a smaller home, or at least the down payment.

If there were an earthquake, the house would snap in half, and appears to slowly be doing so of its own accord.