You can now live on that $200k if you want. 

As you know, being an attorney yourself, it can be a Sisyphean task to making a consistent 'good' living.

I don't live in CA, and wasn't aware of the Prop 13 passing to the next owner if it's parent to child and both live in it as their primary.

And that’s fine it’s not like I will out live the depreciation.

If you and your husband own the relinquished property in your individual names, and you intend to own the replacement property in an LLC, if both you and your husband are members of the LLC it will be deemed a partnership unless you live in a community property state. 

If they move in with a made ready home they are more likely to take care of it while they live there. 

Just to confirm my understanding, you are living in a side by side duplex in Miami - you want to renovate the other side that you aren't living with a renovation loan?

Hi @Robert B Azimi,A home that has been registered through The Mills Act, can be rented out the same as any other property, and it can even increase rental revenue as there are people who really like the thought of living in a historic house.

@Brian DeanI invest in Ontario and I live in Winnipeg.

We live right over the apartment.