It would be a live in rental.I would have one bedroom to myself with access to the common areas.

Hi @Robert B Azimi,A home that has been registered through The Mills Act, can be rented out the same as any other property, and it can even increase rental revenue as there are people who really like the thought of living in a historic house.

This 16-acre mixed-use community bridges Downtown Gastonia and the historic Loray Mill District, creating a vibrant live/work/play corridor.⚾ Franklin Yards-Gastonia- A $26M, 5,000-seat multi-purpose sports and entertainment venue, with future plans for residential, retail, and office spaces.🍽 Food Hall-Gastonia-Gaston County’s first food hall is in the works!

I renovated the home while 3 of my friends lived with me and paid my mortgage.

I live about 20-25 minutes away in Bloomfield Township (Lake Geneva mailing address) and have a rental in Delavan. 

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

Convert the property you are living in now to your second rental, and buy a new home for yourself. 

I live and invest here rentals, flips and STR's.

One caveat to this strategy is that you can’t live in a property that your IRA owns, nor can you rent it out to anyone else who may be considered a disqualified person like your spouse or child.Feel free to connect with me and send me a direct message if you want to learn more!

The property would be in Florida as that is where I live.