I do feel like you're trying to sell me something with all the refreshes and updates and modern whatnot.

This can provide additional liability coverage beyond what your regular property insurance offers.Steps to Consider:Speak with Legal and Financial Experts: Prior to making a choice, get advice from a tax and real estate lawyer.

._____________________________________________________________________________________________________________7/28/24 - UPDATE WITH NEW PICTURES.Hi all, just sharing the update and the experience, we finally after interviewing about 4 different contractors picked the right one so far.

._____________________________________________________________________________________________________________7/28/24 - UPDATE WITH NEW PICTURES.Hi all, just sharing the update and the experience, we finally after interviewing about 4 different contractors picked the right one so far.

Update your operating agreement, notify your state, and file IRS Form 8832 if needed.

Hello @Vinay Sanapala,I recommend listening to the excellent comments from: @James Wise, @Drew Sygit, @Jay Hinrichs, and @Mark Cruse.I regularly read people claiming that Section 8 is free money and guaranteed.

However, if you don't mind taking on that risk, you can also run numbers for condo units so that they still work as regular rentals.

You still have a young loan so  let the amortization run its course and set your regular income aside for the next opportunity/project that you want to explore.  

There are a few, and I mean very few, DSCR lenders who have recently updated their guidelines to allow for padsplit properties...

I'll just paste my previous post below (with a few updates): I'm all in on my Chicago-area MTR operation.