Our team buys the properties and converts them and manages them so it has been a great learning experience seeing all three phases from taking down a project, renovating the building then managing the lease up.

Purchase price: $350,000 Cash invested: $10,000 Sale price: $435,000 Primary residence converted to a rental after 2 years.

You should track your own units expenses as well so when you move out, you can quickly reclaim any expenses or depreciation you built on the personal unit when converted into a 2nd business unit which would then be included on your schedule E.You also write off half of your property taxes, insurance, HOA dues, or any shared expense.

And I’m wondering why more ppl don’t convert to this type of system.

However, after receiving the survey results, I discovered that the house is located less than 1 foot over the sublot line (see attached image).Here are the options I’m considering:Rent the current house for market value (~$1,500–1,600/month) and convert the detached garage into an ADU to rent for ~$1,000/month.Relocate the house to split the lot, then sell the newly created lot (~$100,000) while renting out the existing house.Relocate the house to split the lot and build a new home on the second lot.Demolish the current house and garage, split the lot, and build two new homes.At this time, I am uncertain about the cost of relocating the house.Questions for the community:Has anyone faced a similar situation?

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.

Our main carrier policy converts to vacant dwelling policy at completion for duration of term and can be renewed on case by case basis if unfinished or unsold.  

You could convert every single lead you get in your funnel if you really wanted to 

Converting a garage into an ADU, sure.