In addition, a separate living space/500 sq ft area that was built in hopes to convert to an ADU that the former owner never got around to.

This is a serious look into my first commercial property.I'm running numbers for a commercial medical space for sale at .144 cap rate due to a full service lease being renewed annually.

Also has a larger lot and currently I have one parking space rented to a neighboring tenant on another property.

I think I could handle the tax preparation myself, but I have some questions around how to divide up the house between the rented portion and my own, and how to depreciate some renovations I am doing before renting out more of the space.

If you don't care about sharing space, then a rent by the room scenario is the way to go. 

We can expect more and more of this in multifamily space .

I am experienced in new construction, but wondering if are there are some significant incentives to take old unused buildings in small downtowns and convert them to apartments, office space, etc. 

The other great thing is that capital improvements, especially to common space is spread out between all the units.

These buildings will have shared community gardening and parking.I'd like to find an attorney that can help with setting up the HOA & bylaws.The units are all set up as separate entities (separate solar systems, etc...).Yet, there is actually quite a bit to think about in terms of maintenance & other hoa rules.How is the watering of the shared gardening space being handled?

But you don’t need to buy 20 props a year to kill it in the VR space and every year your dti should get better thus increasing your borrowing capacity if you play your cards right.