Not sure if this will go against the culture here but if I read correctly and you are considering tying up your primary residence to an investment property please reconsider leveraging the home your family lives in. 

I know an investor that might partner with you on the lot next door and/or may buy your lot without the title policy.I have already got the deed for that lot and another lot that i bought.. the second one is not waterview but it is .694 and soon to be listed on the MLS for 18k.. im still waiting for the lady to come and see hers and say shes ready to sale.. her family was affected by the hurricane and hopefully she will be able to head this way soon.. ive started to try to wholesale here in jasper and have several deals lined up but cant find any investors in my area looking to buy.. i just now saw this or would of replied along time ago.. i dont know how to do the mentions with the @.. every time i try it dont work 

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

Quote from @Dennis Bragg: Hey Josh, thanks for jumping in with such a bold approach.. it’s not every day you see someone your age pushing for a luxury twist on a single family rental.

Single family or multifamily, flips or rentals, new developments in light areas or infill lots?

I sincerely hope you, your family and friends are safe and not in harm's way.  

Currently I work as a Project Supervisor, we do rehab in multi-family units.

The tricky part will be to get the the city to change your property's zoning to multi family (if it isn't already).

Single family homes are usually the best as they have fewer limitations.

We've decided that we'll likely look for something somewhere in Guanacaste because we want beach AND proximity to airport (LIR).We go each August to visit her family.