I have had inspectors look at rooms on renovations that were not permitted (we weren't even doing work in the rooms) and asked that certain changes to be made to bring the room up to code (it was minimal).

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

From what you’ve described, it sounds like you’re more focused on long-term appreciation and future benefits rather than immediate cash flow.

The investors that i work with find this to be a good way to get a more passive investment that still has the benefits of owning and controlling the property.Best of luck getting started and connect with any questions.

I think it just benefits current owners. our replacement cost variability just went up a lot for the next 4 years.

Multifamily properties in Memphis are still reasonably priced compared to other markets, and landlords benefit from landlord-friendly laws and relatively low property taxes.Additionally, many investors have successfully implemented the strategy you’re considering—acquiring and eventually paying off properties while maintaining steady cash flow.

Depreciation is such a large benefit. 

Include a buyout clause allowing you to transition to sole ownership after two years, based on a pre-determined valuation formula or market value.Use an LLC to hold the property for liability protection and pass-through taxation, ensuring both partners benefit from depreciation to offset rental income.

It will familiarize you with the basic terminology and benefits.

Talk to your local building department for the codes they follow and requirement(s).