Equity Partner (Joint Venture): You find & manage the flip, they fund it—split profits 50/50.

ADU zone expansion is not certain, and even then who knows what the rules will be (owner-occupied requirement, etc).

Been a lot of work and Lot of exposure financially I borrowed about 50 million to pull this off..

Many people choose NOT to have this, because the administrator will then vet every investment you make to ensure you do not invalidate your IRA.Invalidating your IRA means that you've done a prohibited transaction and the entire account is then deemed as distributed to you.If you don't want checkbook control, then I recommend a plan administrator such as Equity Trust - www.trustetc.comIf you are sure that you're aware of all the rules around prohibited transactions and disqualified people (who you can and can't do business with), then a plan administrator like Sense Financial would be a good place to start talking.  

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

For existing properties, you must make substantial improvements (equal to the property’s value, excluding land) within 30 months.Ensure the duplex qualifies as an OZ investment and complies with QOF rules.

This strategy requires strict compliance with IRS rules and may not be practical for all situations.This post does not create a CPA-Client relationship.

It's an amazing market to be in because you can still find the 1% rule and positive cash flow while getting amazing appreciation potential.

But it might be a good idea to raise rates each year or so by $50 to $100 because it can communicate that you aren't completely checked out, and you value your property, your time, your investment.

Renting by the room (long-term) is stable but requires tenant management, while Airbnb (either by room or whole house) can bring higher revenue but needs more hands-on work—make sure to check Little Elm’s short-term rental rules.