The longest delay is the floor plans. 

The markets open up if you are not planning on doing the management yourself.There are many markets that are growing in population and jobs throughout the country if you are willing to look at OOS investing. 

I plan to consult a tax professional but before wasting anyone's time I would like to ask whether I can technically claim the property as a rental in 2024 even though our first contract started Jan. 1, 2025?

The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!

As long as no “healthcare” services are provided (like medication or personal care), it’s not regulated by the Department of Health.

It should be relatively straightforward to begin discussing the goal-setting and planning process necessary to begin transitioning from current state to future state. 

Yes we definitely encourage everyone to STICK TO THE PLAN when renovating!

Instead of debates and personal opinion, look for proof https://www.ladbs.org/docs/default-source/forms/plan-check-2017/single-family-dwelling-duplex-plan-review-list.pdf under G (Interior Env) which defines the minimum requirement of a habitable room (aka bedroom or bathroom).

Also, be careful with your lease terms: we specify all tenants, including minors, and state "No Others" specifically.

Be careful with these posts, this is when all the real estate agents come out saying their market is best, when it might not be.