If a cost segregation study was performed, the accelerated depreciation may further reduce the property’s basis, potentially increasing taxable capital gains when sold.Depreciation recapture will occur when you sell the personal residence, so it’s essential to keep detailed records of all depreciation claimed while the property was used as a rental to ensure accurate tax reporting at that time.This post does not create a CPA-Client relationship.

I'd essentially have 2 units out of the garage.

From there you can start to identify what you are looking for.Where do you land on the follow spectrums:Cash flow and AppreciationLong term or Short term needs (waiting for growth vs get out of my W2 now)Long term rentals, Mid term rentals, Short term rentalsBuying close to home or coast to coastSelf manage or hire a PMIf you can narrow in on those, you essentially have your buy box. 

Essentially anywhere other than Hartford or Waterbury.

It's essential to discuss all these options with a mortgage broker or financial advisor to ensure the best approach for your long-term goals.

It's also essential to factor in your financing costs and ensure your cash flow projections align with holding costs.

They are essentially giving the property to you at fair market price, so someone is going to need to pay taxes on that fair market price.

Actually, even the rent she would pay would be essentially a forced saving that would eventually come back to her.

Investors need to factor in zoning regulations and parking requirements, which are essential for smooth permit approval.

Paying off a chunk of that 7.3% mortgage is essentially a guaranteed return at that interest rate.