You would pull off the sheetrock, pull the insulation, dry everything out, treat the studs with a mold killer, then put it all back together.

Best to structure and treat as if a property management company from the start.Think like an institutional lender/servicer.

We would treat this like a code violation for parking on the grass or having trash out front.

If this is done as part of the divorce settlement, the transfer can potentially be treated similarly to other IRA transfers in a divorce, avoiding immediate taxation.

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This works because, for short-term rentals, the IRS rules allow income to be treated as non-passive if certain conditions are met, such as offering substantial services and meeting material participation tests.

If the plan is for them to live in the house until they are no longer able (either they pass away or move to a nursing home), then it may be that you and your husband are paying for all of the repairs and things like replacing the roof...or maybe they will treat it as their own home and simply give you the money each month to cover all of the expenses.I'd be concerned if he has siblings to make it clear that the house is yours (though with the in-laws paying for everything the siblings may see it differently) and what happens if you divorce?

I take very good care of my rentals and treat them and tenants with the upmost respect.

, How did they treat the unit?

The asset game going forward is scarcity--the debt rate is just going to be that and you need to treat that independent of the asset.