However, I’d like to have a space of my own before living with others again (I plan to house hack again with my next property).I’m seeking advice on how to move forward, as I need to consider things like utilities, taxes, landlord/umbrella insurance, and managing the property, especially with someone renting my garage.Specifically, I’m curious about renting out individual rooms and living on my own for a little while.

Quote from @Christopher Stevens: Quote from @Lu Kang: Hi Christopher,Now that you are approaching one year with your Dallas property, have you gotten updates on new insurance / property tax rates.I had a similar experience with my place down in Ark.

Have you added your home to any of the insurance databases for consideration to help displaced homeowners get temporary housing?

For a condo you can/should check the county assessor for land value  (you would apply the same allocation %, don't use their actual number listed) Also check your HOA documents.

•Document everything – Ensure the transaction is structured at fair market value, with no special benefits to any family members.Bottom LineIt may be possible, but because of the family connection, the IRS could scrutinize the exchange.

Avoid basing it on uncontrollable factors like taxes or insurance.

Any good HML will be happy to share the contact info of borrowers so you can see how easy the process was and how well they treated the investor.Can you share a recent closing document or HUD?

It was all really quick, and the time to complete everything happened a lot faster than I expected (which was a good thing).I was worried at first that I had to use all the partners that Rent to Retirement had, but it was really easy for me to shop around for different lenders with different terms and rates, insurance providers, and property management company.

.- Review the loan documents, there is most likely a due on sale clause, which is why you won't find a title company to process these for you.

It's crucial that this allocation is reasonable and well-documented to withstand IRS scrutiny.