Now, if you’ve never done this type of development before, let me fill you in: you have to identify and (the jurisdiction will) relocate any human remains before proceeding with construction.

But you also mention "Compare being able to write off the $370,000 today versus having to depreciate it over the life of the asset - 39 years - that’s quite a difference!"

Don't make your life more complicated than it has to be.

I remember my first Airbnb in Denver 11 years ago in my basement studio (different life).

For instance; depending on the price range of the unit, people may be buying a place to call home; or they may be buying a sense of security that is economically stabe and affordable; or they may be buying, in the case of a luxury rental, prestige and a sense of accomplishment in life.

Since you can't escape CA LLC registration, if the property is based here, and if you are a resident here, may make sense just to form a CA LLC and simplify your life and your costs.Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Why would you want someone learning on your dime on what might be the largest investment of your life to date?

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

@Tracy YenWhen I was faced with the same options you have, I went and hired a life coach.

Your lender will likely base the loan off just one income/credit though (at least that's how my lenders have done it)I would personally advise against it - life is a windy road and you never know when one of you may want out of the deal even if both have full intent to stay in from the onset.