AND you’ll need to be living in the home as your primary residence WHILE it’s rented out. 

So I'm doing the preliminary work in the meantime--contacting the city to see what they would like, reaching out to the residents in the neighborhood, etc That's great that you are doing your research beforehand. 

Investment Info:Single-family residence other investment.

If you intend to occupy this as a primary residence you could "assume" the loan meaning you would personally need to qualify with the existing lender to take on the loan in your own personal name. 3.

Maybe you're in limbo renting for a year while the primary residence gets built.

Right now we have it split based on the square footage of our residences. 

If you have a regarded tax entity, e.g. partnership, S Corp, C Corp, you need complete financials -- P&L and balance sheet to adequately prepare the tax returns and answer tax related questions. 

Quote from @Aaron Provencal: Investment Info:Single-family residence fix & flip investment.

Just trying to prepare for the worst.

But always complaints about guests (residents) leaving common space a mess, some resident gets mad they have to clean up...