Many experienced investors advise that it’s better to spend time (for the rookie) trying to do deals than worrying about asset protection.  

Any suggestions/advise will be greatly appreciated!

You may increase your chances of success in the Dallas real estate market by analyzing rent-to-price ratios and appreciation prospects.In conclusion, it is advisable to consult with seasoned real estate experts, including mentors, property managers, and real estate agents, as they may offer invaluable counsel and understanding.Good luck!

Does anyone have any experience or advise with this?

Is this the job of a wealth adviser?  

But, that is isn't typically reliable or advisable.

Consulting with both a real estate attorney and a licensed architect is crucial.The attorney can advise on the legal aspects of converting a cellar into a legal apartment, including zoning regulations, building codes, and the legalization process.The architect can assess the physical space, determine if it meets conversion requirements (ceiling height, egress, etc.), and create plans for a compliant renovation.The 2019 pilot program you mentioned wasn't permanent, and the high costs associated with it discouraged participation.

Im advising client who want to buy vacation rentals to have a padded bank account because the income stream is not as reliable as it once was. 

Hey @Brad Birky - your CPA could probably advise you best in this scenario but my understanding is that if it was bought as a primary residence you can get the tax writeoffs from the portion that you weren't occupying.

I would advise you to consult with your tax professional to see if you may be able to use some planning strategies to help you best take advantage of the deduction in 2024/25 in the event it isn't renewed by the next congress.