I also agree, that income is not a protected class.

My income doesn’t show itself as being very high, but I have a relatively large amount of cash to put down.

Well, apart from “if you give me $3000.”Luckily this is a co-living model through PadSplit so I have some income coming in.

The appeal of having a second source of income is very appealing and I would like to be able to build wealth outside of my W2 job. 

Refi after construction.These numbers consider only the portion of costs of the HEL attributable to the land purchase, not the payoff of the HELOC (which we took out to buy the Seaside condo).Cash In:                     $66,166 (Cash, 1 year of debt service of HEL, debt service of const. loan, furnishing)Amount Financed:      $548,000 (home equity loan + construction loan + closing costs)Total Cost of build:     $614,166ARV:                               $850,000 (or rather "after construction value")Refi                                $637,500 (75% of value + closing costs)                                        Cash Out                       $89,500New payment             $4500/month (54,000/year)Estimated Cash Flow (pre-tax numbers, so actual mileage may vary)airBNB year 1:            $70,000     (net income $16,000)airBNB year 2:            $100,000   (net income $46,000)airBNB year3+:           $120,000   (net income $66,000)ROI (construction year):    0ROI Year 1 of STR:              24.2% ROI Year 2 of STR:              69.5% ROI Year 3+ of STR:            99.7% Did I calculate these ROI numbers right? 

I've never really done a deep dive in analyzing the area because it is a retirement community, median income is very low, and there arent a lot of jobs in the area.

@Kin LayThere could be gift tax, income tax, and property tax implications to a proposed transfer. 

My passive income would be $262 total ($131 per unit).

Firstly, it often generates higher rental income compared to long-term leases, particularly in desirable locations or during peak seasons.

A $500k property should produce gross annual income of +/- $50K but can generate as much as $65-70k with the right location and amenities like a hot tub.