While OZ investments offer significant tax benefits, assess property risks and long-term potential beyond the tax savings.This post does not create a CPA-Client relationship.

After living in the property for a year, you can move out, keep the same loan terms, and convert your unit into a rental.

I have experience handling this in Michigan with my short-term rental.

Quote from @Nicholas McCormick: Howdy-Does anyone have any experience with short term rentals in the Bloomington, Indiana area?

Renting at FMV ensures the property qualifies as an investment while preserving its long-term utility for your portfolio.This post does not create a CPA-Client relationship.

Fast Turnaround: Unlike long-term rentals, you can cash out quickly and reinvest.

If you feel confident in the tenants signing those long term leases, this is a slam dunk and you'll have a cash cow on your hands very quickly!

Reason being HML's are typically short term loans that are interest only.

A trust transfer allows for smoother estate planning, and if inherited after their passing, the land receives a step-up in basis, reducing future capital gains tax.Each method has pros and cons depending on their estate plans and your long-term goals.

In terms of finding a partner, I would recommend partnering with someone who has something that you don't have (understands renovations, real estate experience, has money, etc.)