.🔹 Co-Living is Gaining Legal Ground:Colorado eliminated all restrictions on the number of unrelated adults living together statewide as of July 1, 2024, marking a major victory for co-living advocates.This week, Jacksonville Municipal Court ruled in favor of PadSplit, voiding citations for “illegal boarding houses” on constitutional and fair housing grounds.Cities like all over like Washington D.C. are considering zoning reforms to allow more co-living developments as an answer to the housing crisis.As Airbnb restrictions tighten, co-living is emerging as a scalable and legally sound alternative that balances affordability, tenant stability, and community needs.

But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

My biggest mistakes that have cost me dearly have all been contractor related, so my advice would be to vet your contractors as much as possible. 

My thinking is if they sign off via a letter that could be recorded and they are eliminated out of the chain of title. 

@Stephanie SelbyRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

@Daniel LangRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

@Chris LauerRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

By doing your work in house, you eliminate quite a large portion of the expense category.  

@Khaled Seirafi what business would make the mistake of providing BAD references?

@Kevin Duke Since Subject A’s $6M net worth is below the federal estate tax exemption ($13.61M in 2024) and Florida has no estate or inheritance tax, Subject B can inherit the property tax-free with a step-up in basis to the fair market value at the time of death, eliminating capital gains tax if sold immediately.To avoid probate, Subject A can use a Lady Bird Deed (Enhanced Life Estate Deed) or a Transfer on Death (TOD) Deed, which allows automatic transfer to Subject B while retaining full control during their lifetime.