We are a avid fan of using LLCs to hold our property for a number of reasons: 1) The liability issue, so we hold about $5 million (approx 20 to 50 SFHs) per LLC as a way to place a firewall between all of our holdings; 2) We use it as a way to concentrate our holdings for easier tax filings (ie, our FL LLC only holds FL property); 3) Investor ownership to allow each investor to be segregated in what they actually own.

You share a common roof, firewall, possibly a fence.  

No firewall between the house and attic, the furnace gas had shut off valves that require a tool to turn, and other issues that were -actual- safety concerns.So, really, the towns only care about appearances and getting some extra cash.

Did you know:-  The wall between units should be a FIREWALL and is significantly more robust than any room partition wall.

They are the firewall between lenders and appraisers to make sure everyone is compliant with federal and state regulations.

In reality the listing agent will set up a firewall with luxury homes, you'll be showing good funds before going inside!

Read the account agreement and you will see that they do not provide tax, legal or investment advice, and that you are fully responsible for compliance with IRS guidelines.As I noted earlier, this does not mean they will turn a blind eye, and if they do spot something that looks to be wrong, they will probably stop the processing and call or email you, but they are certainly not the "firewall" that many believe them to be.With the IRA LLC, there is still an IRA custodian involved.  

Ceiling Sprinklers, Offices attached/detached from storage, fire walls or gap between buildings, Square footage per building before sprinklers are required.

Building code may be an issue, if your area requires a fire wall between living units, that means a fire resistant wall (block) that raises above the top plate about 18 inches I believe under roof, that would be hard to put into an existing building from the foundation up.By the time you do a conversion I'd say your tenant would be paying the cost of the add ons, you'll be paying for the house.

The office is firewalled off from the residence, and owner got a variance when he sold the practice to allow a non-resident to continue using the space as an office.