would get estimates and see how long to recover the money and your long term plan for the property

This knowledge is crucial when planning co-living projects.Engage with Local Authorities: Work with city planners and zoning boards to advocate for more inclusive definitions that accommodate co-living arrangements.Monitor Legal Developments: Keep an eye on legal scholarship and policy discussions that may influence zoning reforms favorable to co-living.By staying informed and proactive, real estate investors can navigate the complexities of zoning laws and contribute to the evolution of housing policies that support diverse living arrangements.For a deeper dive into these discussions, you can read the full articles here:Bloomberg: Why Are Zoning Laws Defining What Constitutes a Family?

If I had to leave a takeaway from this post before getting too far in it would be that whatever goals are had you have, we have these goals for a reason and typically it does not go exactly as planned but even if it doesn't go as planned, we can pick up where we left off and give it a fresh start.

Are you planning on renovating afterwards?

I’m planning to move what I have in stock market ($2.5-3Mil) to buy a good realestate.

If you are planning on using your savings for Real Estate Deals, I use high cash value Whole Life Insurance as my saving vehicle(IBC).

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

ThanksI want to add that I bought this house so I can move there eventually but our plans have changed.

Planning on living off of the positive income and then eventually on our investment.

I would love to discuss my purchase and here about your backup plan.