@Mitchell Litam , the existing lease runs with the property until it ends, however make sure to read your state's landlord tenant laws, so you know how you can make changes once it comes up for renewal, how much notice you have to give them, etc.Water/electric bills in their names is a matter for their current lease and your utility company's policies.

In most standard policies the insurance company will provide an additional 10% of the dwelling amount for "other structures".

Hi all,  Is it possible to house hack and get a rental policy for house hacking and not lose homestead exemption?

The second pillar is a good insurance policy as that cover the majority of your exposure.

Once you have some assets to protect you may want to think about getting an LLC and/or a good liability insurance policy. 

Looping back on this thread does anybody know if this policy was ever enacted?

Heck pay him 220,000 for the property 20% down zero percent interest for 5 years with a renewal of X percent for another 5 years on the back end.  

Your home owners exemption will only apply to SFR and it will apply to the percentage of the multifamily you occupy. ie: if you live in a 4 plex as owner occupy in one unit then you can claim 25% of that as owner exemption, the other portion you can do a 1031 exchange, so as long as you buy something else you pay zero taxes.

It comes down to how much stomach acid you are willing to tolerate. 

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