I live in a popular vacation town in the mountains of Western North Carolina.

I change out rugs a few times a year in my living room.

Keep that HELOC in your back pocket for furnishing and make ready expenses on your next STR.

The property was rented out from 2020 to 2023, generating consistent monthly cash flow of $450 after expenses.

They will all (in theory) be living somewhere.

Like the others mentioned, either 3.5% down if you intend to live in it.

I am seeing a crackdown on STRs not so much as a result of any hotel lobby, but as a result of regular citizens complaining to their elected officials that they don't like living next to a hotel.Can't really blame them.

We do the land up keep and figured in the long run if we can use the other half of our plot for events it will offset any land keeping expense (do not mean anything by this just sharing , faith and movies always say helping others brings good luck.

I don't think you are going to be able to get insurance for two separate living units in a single-family when they are both illegal and likely do not have the correct egress windows (basement) for fire safety which could subject you to huge liability if something happens to either party.

I am orginally from Elgin, but living down in Logan Square area of Chicago proper!