He will live there and watch over the three teak locations and animals.Got the site and pad ready. 

PMs have to keep the utilities working for various reasons (uninhabitable living conditions, pipes freezing, etc) and you can't count on a tenant like this to do that.

Last thing to look at (and right out of the pages of our client's own experiences) might be starting a transition of wealth in the form of using 1031 strategically to purchase property that your heirs live in until you pass and they inherit. 

AKA are you living at home not paying rent?

However the older generation that lived through the 80s really like that arcade cabinet and they are the ones paying for the trip. 😉 

My plan is to live on the upper unit and rent a room out to a buddy and turn the lower unit into a midterm rental.

Even if you start to invest out of the area you live in. 

The notice may be delivered in the following ways: Personally handing the Notice to the TenantGiving the Notice to someone who is at least 13 years old and who is at the Tenant's home Mail the Notice by Certified Mail with a Return Receipt from the TenantLeaving the Notice on the Ground in front of the Tenant if they refuse to accept itPosting the Notice of the door of the premises if nobody is living thereCounting the Notice Period.

If you are looking in the area where you live, stop by areas under construction and you can ask. 

This is an alternative approach for newly constructed buildings.RESIDUAL ESTIMATION APPROACHThis approach determines the cost of short-lived assets, such as 5 or 7 year property and subtracts them from the total project cost.