The characteristics defined by the location include:Total capital required: If you can grow your portfolio using accumulated equity by cash-out refinancing, which is only possible in areas with high appreciation, you'll need considerably less capital from your savings.Inflation protection: Whether rents outpace inflation, enabling you to sustain your lifestyle indefinitely, only occurs in cities with significant and sustained population growth.Income persistence: How long your income will last.

Like you said, a real estate attorney would be a valuable person to talk to, but here's what I have: Considerations: short/long-term rentals, co-ownershipTo keep your favorable mortgage rate, you can consider a Joint Tenancy or Tenancy in Common agreement without refinancing.

Hello Ethan,Turning your old home into a 5-bed, 2-bath Airbnb while having a conventional loan is generally permissible, but there are important considerations.

The subject is not considered an arms-length transaction and is therefore given no consideration when analyzing market trends.

Cost alone not being my biggest consideration.

Likewise there is an “assets” consideration to think about.  

This is the quantifiable data that operators need to pull the trigger on buying the high dollar items.

We don't know what states the properties reside.Florida, Georgia, Hawaii, Illinois, Indiana, Montana, South Dakota, Virginia have different laws.Oh, and by the way, an attestation to the insurer and others (mortgagee) will not change premiums nor constitute a “sale.”There are considerations such as the loss of asset protection after judgment (beneficial interest is personal property, not real property), but if the property is clear of a mortgage and the concern is title theft (a concern you raised), then putting the property into a land trust is probably a lower cost alternative to maintaining a debt (which irritates the wife). 

Robuilt has some youtube videos where he covers these tax considerations.

I also really like that this is a U-shaped window unit which wraps over the window sill, meaning that you get to keep nearly all of your window's view and natural light, as well as it being theoretically harder for someone to break into the apartment by kicking in/pulling out the AC unit (ours is on the second floor, but the safety concerns for first floor units is definitely a consideration you'll want to factor in).Heating.