My problem is more that I tend to focus 5-10 years out, and even as a child I was good at not pulling the trigger when I wanted something.  

If you have no intention of renting the place to your child then no license is required.

If your outlook is long term then as schools will improve that extra bedroom will come in handy.In the here and now, it'd probably only be of benefit to folks that have more than one child in private schools and people that need space.FB employees and students would probably look at it to share a house with other folks.It comes down to a cost benefit analysis where that extra bedroom has to be weighed off against the extra cost for it over a 3 or 2 bedroom place.

I do have a family and a young child, if that makes a difference.

@Mike Flora @Lavern WhitePotential gift tax when it was deeded since it's a gift of equity...When you gift a home to a child, the child assumes the original owner's basis as the their basis.

Aww you stepped in and stopped or child like Sunday afternoon arguing, no fair!

Busy professional with a satisfying career and young child I want to make sure I’m around for.

She always complained that upstairs 4 year old child always bothered her.  

I pay child support for 3 children.

Like any parent, I don't want my child to ever struggle the way her parents and grandparents have.