While we will be exploring some of the main considerations for this type of conversion, the tax code is very complex, and it is advisable to work with a certified public accountant who can offer advice based on your personal situation.A primary residence is defined as a living space which you inhabit, but may rent out for up to two weeks per year without paying tax on the income.

Called Civilian Asset Forfeiture, this operates independent of court proceedings on criminal charges.

Unless the building consists of 8 hardly-inhabitable, closet-like studios; there should definitely be some upside in rent for you day one.Feel free to reach out if you'd like any assistance running the numbers for the property.

As a veteran once leaving duty and assuming civilian lifestyle I found myself back at the drawing board.

I totally agree with @Jon KCheck around your local city might offer Owner Occupied programsExample – free matching rehab costs for city properties- low interest rate for rehab loans for city properties Hud or Homepath for Owner Occupied propertiesIf property need a lot of work See if city would waive real estate taxes for the 1st year (Inhabitable issue ) Regardless welcome and Good Luck

A nice collection of several towns each with 3K-5K inhabitants.

My family and I want to inhabit the entire home and the ADU.

In my city, if it's more than 50% below grade it's not inhabitable as primary living space, period.

Here's a screenshot of the City of Pittsburgh in the same racial dot map. 26.1% of the inhabitants of the City identify as Black.

As an equivalent GS-13 civilian, he was also the U.S.