Essentially, we want an extra room with a bathroom and a small kitchen primarily for our own use and for extended family to use.

You essentially have essentially cast a super wide net and are going to get a ton of sales responses, but what I gather from your post that what you really need is a mentor/like minded investor to help hone in on recognizing good deals, narrowing your focus and absolutely protecting your capital.   

Some of the more seasoned vets here know all about foundation repair, but for thought this could be helpful for anyone starting out.  60 seconds background:Houston is essentially built up on a swamp, couple that with back 2 back brutal summers with little rain, and nearly everyone I've talked with recently has some sort of foundation issues creeping up. 

I guess I'll see if I made a good deal or not in order for this to work.Keep in mind that replacing/upgrading essential systems usually doesn’t add much value.

Is it essential to have a local lawyer to set up the trust correctly?

All available loopholes, which allowed deregulation of units were, unfortunately, closed by our elected officials, except the substantial rehab strategy, which requires 80% vacancy throughout the building and 75% replacement of all building-wide systems, you are essentially forced to renovate the complete building and still at the mercy of DHCR.. which has the final saying

Despite any reluctance to address the situation, maintaining transparency and professionalism is essential.

HI Kev, we helped a lot of luxury STR investors this year utilize the accelerated deprecation tax incentive, I would actually suggest checking out the bigger pockets featured tax preparer section and sine it's likely a considerable reduction definitely not try and do it yourself..the investment in high quality reliable tax advice is essential to any investor tool kit. 

For sure seems like a situation where finding the right place is essential. 

We are sending a very clear message to those who seek federal funds that we intend to stand up for the cause of civil rights and expect them to do the same.John Trasvia, HUD Assistant Secretary for Fair Housing and Equal Opportunity (FHEO), added, Prohibiting this form of discrimination provides an essential protection for many Americans, including disabled veterans, seasonal workers, and persons that are using housing choice vouchers to maintain housing for themselves and their children.