Its a great idea, but you will need to consult the township in order to understand their requirements for liveable space.

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

With family it can get tricky as you want to make sure they understand you're going to be flipping the contract onto an end buyer for possibly more money than $1M and that's how you end up getting paid... family can take this in the wrong way LOL :) 

If you're looking for an agent who understands investment strategies and moves quickly on deals, lets connect! 

Cost segregation can be a complicated topic, but I tried to break it down and make it easy to understand!

Quote from @Kwanza Price: Thanks Chelsea for your reply.I mostly wanted to understand what the experience was like and if you have any advice for setting up an LLC/IRA?

Title companies perform detailed title searches, revealing all recorded liens and their positions, ensuring you have a clear understanding of any potential encumbrances.

Do you understand the added complexity, work involved, and costs? 

Cost segregation can be a complicated topic, but I tried to make it simple and easy to understand!

From my understanding (not a lawyer), that ordinance has been lifted and there is not limit anymore.