The problem is you can't afford to properly make repairs when you are dealing with the lower tier properties and go with the cheapest bids doing nothing but putting duct tape on issues that will become recurring or believing you are making the repairs correctly but use inferior labor and materials because its all the property can absorb cost wise.  

Be careful following the advice of strangers on the information superhighway.My apologies, you are correct on Familial status meaning pregnancy/children, I was indeed thinking more of marital status.

If I'm correct in my analysis, then I'd guess I'm also looking for a mentor if anyone is willing!

I don't think you are going to be able to get insurance for two separate living units in a single-family when they are both illegal and likely do not have the correct egress windows (basement) for fire safety which could subject you to huge liability if something happens to either party.

STR is a slowly dying model that exploded in the last 10 years and correcting big time.

Asking in the correct forum will get a better response.Read the RULES!

Quote from @Michael Smythe: @Sean Gallagher legally you are correct, but many tenants do NOT know this.We take over properties all the time and close 80% of existing tenants sign a lease with us.True! 

When I filed mine, one of my LLCs threw an error saying it was already filed, which wasn’t correct.

My attorney that handles SEC registration told me something along the lines of $1.5-2M as a minimum if I remember correctly.

Asking in the correct forum will get a better response.Read the RULES!