We are looking fir a way to manage in-house financing as well.

IRS Publication 527 is a useful guide.If you rent the house out long-term, you’ll depreciate the asset over a 27.5-year period.

I think you might put yourself up to legal risk from the family once they find out they aren't getting the house and take you to court for them singing under duress or another circumstance where they were not of right mind. 

When it comes to insurance, it is usually sufficient to add the legal property owner (LLC in this case) as an additional insured to your existing policy.

I am under contract on the sale of my first home, I have owned the house for 10 years in Oakland County, MI. 

So all the new law did was basically make clear an opportunity that already existed.  

Literally maybe 3 month old article and really contradicts a lot of what you said:https://www.benoitproperties.com/news/miami-housing-market-s...

Hi, i would love to find out more about house hacking, if someone is working in it and can help i would appreciate it so much !!!!

I recently moved to Nashville, TN, and am looking to buy my first property and house hack.

You could do that for 3-5% down.. live in it for a year to meet typical requirements for use… then move into a new house, and ‘voila’ - you bought your second (multi-family) rental for 3-5% down instead of 20-25%.It is entirely possible though that you will face debt to income issues on your first rental if your lender wants to see a year or twos worth of rental history before counting your rental income to offset your debt payments…so beware of that.Otherwise you may have to look at creative financing… maybe bringing in a money person where it was a short term investment for them, like “I’ll give you 8% on your money (versus the 4-5,% you could earn from the bank CD) if you will partner with me on this purchase.”