Hello All,I have been in commercial investments on the corporate side for 2.5+ years and am now looking to branch out from my medical office building roots and do some multi-family, mixed-use value-add property investments in Chicago. 

@John Newburg, whatever portion of your primary you elect to utilize "for business/tax purposes", be mindful that the same portion will be excluded from capital gains exemption, when selling your primary (afaik).Something to think about?

If you can present your property to them as an attractive package, to lessen the headaches and stress on the medical professional, you might have a niche.

Remember aging brings about increased medical expenses and a lot of unknowns.

According to them the only idea the IRS will be looking for is if gains are exempted that they qualify to be exempted.  

One simple planning devise most do in their estate plans is to combine the estate tax exemption for each spouse in a trust (called an A/B trust).

If we sell the unit now, it is still considered a primary residence (lived there for 2 out of the 5 years preceding sales) which will exempt us from capital gain ($250k for single; $500K for married filing joint).

I have a corporate rental in Houston Texas near downtown and medical facilities but it is a 3 bedroom 2.5 bath so traveling nurses (who are great renters but typically travel solo) don't really appeal to my property but it might with yours.

I've got a question for some of the Medical Condo space gurus out there.

You're also exempt from cap gains if you've lived there at least 2 out of the past 5 years.