You can now live on that $200k if you want. 

My understanding is that typically, a homeowner must live in the property for at least a year before converting it to a rental.

This is where you live in one side.

I live in California.I also wanted to know if there was anything you wish you had known before setting up an LLC/IRA and why you chose to set one up and has having one met your expectations?

Quote from @Kornelius Friske: We have a STR located in peoria AZ. it's 6 beds (garage conversion) and about 3900 sq ft in total. our energy bill last month was $450 and has been hovering in the $350-$450 range since we went live in august.

His mom lives in Vancouver, Canada.

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes. 

My sister and I have done all the leg work in finding where the 2 individuals lived at. 

I have a 401k, IRA, and pension in place to help me achieve retirement quicker, however I definitely feel the squeeze on a daily basis and always feel like I'm living paycheck to paycheck.

Purchase price: $645,000 Cash invested: $60,000 Two Unit property with lots of living space3000 sqftOne parking spotBrand new kitchen addedW/D in both unitsGood for Long term / Mid Term / Short Term What made you interested in investing in this type of deal?