Each option has its own benefits and drawbacks, so it's important to research and compare to find the best fit for your specific situation.3) It is reasonable and possible to turn your grandmother's property into a profitable vacation home, Airbnb, or rental property through the construction of a duplex.

However, it does come with some specific rules and procedures to follow.

Some specifics about the unitsAll 8 units are adjacent to each other in a row.

It also abides by the residential landlord-tenant ordinance, which if you use other leases is where a lot of things can be missed.So while I don't recommend using it without understanding it, it has been pre-vetted by attorneys so is actually a pretty good lease to use for anyone new or old (but specific to Chicago)

In the few times I've looked into it before, the single apartments I saw (via a broker) were not profitable after tax.Any specific questions?

Wrong, well two of them are in a part of dc that is rapidly declining & no one in the family wants to take care of (and he certainly cannot) and has deferred maintenance on both, the other two are beachfront and a block from the beach, one already got it by a hurricane (no damage, but did trigger a special assessment & insurance skyrocketed) the other one just being near saltwater for 70 years takes a toll on a place, the other thing that happen’s with real estate over time is appreciation eventually rapidly outpaces rent growth so these aren’t as big cash flows as you’d think, a decision is was made to keep these properties both for appreciation and of course stepped up basis (most of these properties he bought for nothing and then depreciated the hell out of) while he has great assets and it will all be fine in the ends and we are all very lucky he has the assets to cover my grandmothers care, frankly trying to figure all this when he’s 88 and everyone is stressed just isn’t ideal, he probably should have just 1031’d up certain properties that had environmental and/or let’s just say locational risk into new or very new construction in the easy to rent burbs like a decade ago, while the tax implications always make selling at tough proposition, I think at a certain point in everyone’s life especially if there are lucky enough to have kept properties for decades should transition them into these easiest assets they can find in their market (you can even put in a reit or more specifically a Delaware statutory trust) to make thing’s easier for them and their family once they are no longer capable of managing those properties themselves. 

I invested in the Bay Area for 30 years-specifically San Mateo and Los Gatos.

It may be beneficial to consult with a contractor and real estate professional to assess the best option for your specific situation.

Consulting with a financial advisor or real estate mentor who understands your specific goals and circumstances can provide valuable insights tailored to your situation.

You will make several mistakes starting out and will only be worth it if you then continue to refine and master that specific strategy.