There are some legal considerations as well as practical considerations 1.  

Quote from @Violet Cobb: I would recommend you watch his content on YouTube, there's a gator playlist and he'll explain everything.

Bigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Do you have any recommendations or advice to share?

Whether you absolutely need to or not, I would recommend doing so regardless.

@David R Pustelnik recommend you first focus on raising the rent for the first time in 10 years.By the way, how much have your property taxes and home insurance gone up since this tenant moved in?

Specifically, I’d love to hear about best practices for managing shared spaces, screening tenants, and setting up house rules.Additionally, I plan to split the utilities among the tenants—any advice on how to handle this efficiently would be greatly appreciated!

@Raul Velazquez The 3 things I would recommend besides reading books/audio/sites are:1.

Negotiating is a skill that needs to be practiced and consistently role played to get right.

How would you recommend, or what resources would you refer for us to properly figure out how we spend our time and appropriately get compensated for it?