Then you own the LLC and can transfer the property into it.If you transfer the property into that LLC the way it is then technically you just gave your friend ownership of the house proportional to his ownership of the LLC.I'm not an attorney, so take that with a grain of salt.

The house was given to them when my grandpa died.

We have told my ex-wife that we are willing to let her stay in the house for a time but she needs to pay rent.

The unit shares the same heating and cooling as my own house.

Property TypeUnderstand the different types of multifamily properties:High-Rise: 9+ floors with an elevator, often urban.Mid-Rise: Smaller than high-rise, usually with elevators.Garden-Style: Low-rise apartments in suburban or rural settings.Walk-Up: 4–6 stories without elevators.Manufactured Housing Communities: Mobile home parks where land is leased to homeowners.Special-Purpose Housing:Student Housing: Designed for college students.Senior Housing: Dedicated to older adults.Subsidized Housing: Affordable housing supported by rent and income restrictions.3.

Single family house renting in Goodyear AZ.

Some are basically affordable housing and some are vacation type rentals.

Lake house, cabin feel, waterfront etc.

House hacking is an excellent strategy, especially with the potential to use an FHA loan to secure a property with a low down payment. 

Quote from @Roger Flot: I was reviewing some renovated listings in my area and one indicated that even though the house was originally built in 1920, because of all the renovations bringing the house to current code, that you could get 2024 rates on insurance.