Your realtor should be the first source of guidance.For anyone here to provide you some guidance, you have to be more specific on the ask.There are always many things to consider when planning for different strategies.

Would banks typically provide a HELOC on an investment property, and if so, what terms should I expect?

@Brett RiemensniderYou don't need to provide anything to your tenants tax-wise.

BUT the point is...do you think you or the agent will sell it for the highest price and provide higher net proceeds to your family member? 

A good ballpark is $1,000–$2,500 per unit, but this depends heavily on how extensive the turnover is and whether you’re self-managing or hiring contractors.If you’re looking for more precision, connecting with local property managers or contractors can provide insight into typical costs for properties like yours in the area.

Reforming these definitions can open avenues for co-living arrangements, providing more flexibility for investors and addressing housing affordability issues.Key Takeaways for InvestorsStay Informed: Understand local zoning laws and how they define household occupancy.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

We're willing to live almost anywhere in the greater Sacramento area based on what we can afford, provided of course that the property is in a decent neighborhood that has a good chance of attracting responsible tenants.As for budget, I believe we could get a conventional loan for properties up to $600k, but my strong preference is to find a distressed property (or seller!)

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

Also consider networking with investors active in those areas who can provide insight on what’s working.