Was at one last week that included City of Calgary who did a presentation on legalizing illegal suites and accessory suites in general

we do the same thing Jay but we look at this as return on entitlement spend and return on land purchase. we separate the two measurements. for return on entitlement spend its the total value of the land gain proven through either an appraisal pre and post entitlement from an institutional level appraiser by Berkadia or sale price divided by all of the soft costs needed to get the site to the finish line. we look for sites that are at least a 5x and typically focus more on single parcel sites that aren't assemblages and do it by going vertical not horizontal. as many have said there is much more risk in this strategy that you are doing that led to a lot of bankruptcies. also focusing on the luxury in my opinion isn't a scalable strategy. 

Yes you partner with them on the individual deal but you get the reps in to become better at watching a deal from start to finish. 

Run a credit check, which will include her address history and the dates she lived at each one. 

That said, do your calculations for cashflow include setting aside 15-20% of monthly rent for repairs, CapEx, vacancies, etc, etc?

This is the same if you made an improvement to your home like finishing a basement or adding in a pool.

Invested 3 years ago like others about $40,000 total which  included covering operational cost  for the first or so.  

Let's say you borrow $100,000 to pay off your $50,000 IRA loan, $25,000 on credit cards, and keep $25,000 for finishing renovations.

This option minimizes taxes while allowing more flexibility to reinvest without 1031 restrictions.Option C: Sell Now Without the ExclusionSelling immediately means paying capital gains tax on the entire gain, including depreciation recapture, making this the least tax-efficient option.Additional Considerations:HELOC or Cash-Out Refi: If you want to keep the rental while accessing equity for your retirement home, consider a HELOC or cash-out refinance instead of selling.Estate Planning: If you hold the property until passing it to heirs, they receive a step-up in basis, eliminating capital gains taxes entirely.For tax efficiency, staying two more years allows you to partially exclude capital gains, while a 1031 exchange defers taxes if you plan to continue investing in rental properties.This post does not create a CPA-Client relationship.

If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).