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.

Readers are advised to seek professional advice.

Your lawyer can advise you on what to include.  

I advise my clients to get a PML that will finance 100% of the purchase and rehab expenses so when the property is stabilized, we can treat it as a rate and term refi and use the new improved value from day 1!

When our tenants get their renter's insurance, we advise them to have us listed as either/or and virtually always, regardless of insurer, we come back as "additional interest".