I have a 10x8 shed that I use exclusively to store real estate materials and supplies.

Similarly, the sale ($575K) minus your adjusted basis determines your capital gain.You may qualify for the primary residence exclusion (up to $250K single/$500K married) if you lived there 2 of the last 5 years.

He testified that he used his personal bedroom exclusively forbusiness purposes but later testified that he slept and ate in his bedroom.

For bookkeeping purposes, I recommend designating a separate bank account exclusive to the house hack activities to keep some sanity.

@Edgar Duarte Selling now under the primary residence exclusion avoids capital gains taxes, allowing you to reinvest the $500K equity in diversified assets like index funds or additional rental properties.

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Converting properties to multi-family is considered extensive rehab and those programs are a little more exclusive than the standard bridge loan programs. 

I do have a small shop with equipment that I use exclusively in fixing my rentals.   

Communicate expectations upfront—because once they start double-parking or treating the place like a frat house, it’s game over.Cameras, Cameras EverywhereYou’d think adults wouldn’t steal each other’s food, right?

If someone is willing to live in and renovate the 2 of last 5 year capital gains exclusion is a significant consideration.