However, the distinction between rental properties and primary residences significantly impacts your taxes.

@Morgan HopperThere are 2 distinct areas in the Lake Tahoe basin for STR. 

I bet that once you segment the data by property type (multifamily vs single family), you get more variance, and I bet that the decline in multifamily rents is much larger than the decline in single family or small multifamily rents. 

In Tampa we have two rather distinct submarkets, basically urban and beach. 

There are a bunch of sites out there that give fake documentation for a fee. 20/20 or 60 minutes had a segment on how easy it is to get this so called documentation to get around "no pet" rules.

Tie a cost segment study in and really beef it up to recapture some of the lost 80%.

.- Costs and Legalities: There may be costs and legal procedures involved in combining the lots officially with the county.I'm leaning towards combining them for the simplicity and the unique appeal it could offer to a certain market segment.

In my mind there are two paths you could go down that I would keep distinct and separate at this point.

There is a big distinction on the variety of restrictions you need to be aware of with ADUs in Chicago specifically.

This period closely mirrors our starting point in 2024, though it's not identical.AppreciationBelow is a chart showing the $/SF for our property segment from 2012 through November 2023.