Fine-tuning your savings, building a reserve fund, and running detailed ROI projections will help solidify your plan for long-term success.Good luck!

We plan to share ownership of the property as I am going to invest my money into developing (building a Detached ADU in the back) and re-modeling the property so that we can collectively sell it for a profit.

-My fiancée and I are planning on having our first kid by the beginning of 2026, so extra room would be ideal as we are somewhat limited in the primary residence. 

Your father-in-law will want to minimize his tax liability on the capital gain and think about how the sale fits into his estate planning strategy.

@Ross DerouenBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

There may be a way to reduce property tax reassessment by using LLCs, but it is a complicated plan, takes time to complete, generally needs a business purpose, and is not without risk. 

7% is probably good for projections, but I would ask whatever bank you're planning to go with where they're at and factor in an extra 0.25% to be safe.

You can withdraw from your 401k starting in the year you turn 55 if you qualify.I am following a plan similar to yours.

Hi everyone,I'm in the process of purchasing a 5-bed, 3-bath home in Hesperia, CA, and I plan to rent it out by the room.

I currently have a homeowners plan with Allstate and plan on asking them if they have something like a short term rental rider plan that I can add in addition to my current plan.