Retain proof of that notice and make sure you include the new tenants right forms required by the city now.

My real estate goals include investing in long-term rentals with the potential for mid-term rentals, leveraging my spouse’s career as an OT in the healthcare industry.

Just because they included that clause in their contract doesn't make it enforceable. 

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

Because it is an investment property, you would pay all fees, including appraisal.

As you probably know, California includes all foreign immigration - both legal and illegal to boost the numbers.

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

However, be cautious—newer “B” properties are sometimes built in “C” neighborhoods, so careful due diligence is required.Monroe: As mentioned earlier, Monroe strikes a balance, making it a versatile option for investors.Trends to WatchTransit-Oriented Development: Areas near light rail expansions are seeing significant value increases.Suburban Growth: The suburbs around Charlotte, including areas like Concord, Huntersville, and Monroe, are experiencing steady growth as people seek more affordable housing outside the city center.When investing in Charlotte, aligning your neighborhood choice with your goals is essential.

If your client is planning to use a loan to purchase the portfolio, they should be aware that many lenders include prepayment penalties or restrictions when properties in a portfolio are sold off individually.

It's packed with strategies and mindset shifts that have propelled countless entrepreneurs, including yours truly, to extraordinary achievements.