I would talk to your tax person make sure you do this right for both people on this transaction .

What I am good at is focusing on a person and asking questions and finding something interesting.

Hes a great agent, very well-versed in house hacking and investing. 

Personally, whenever I close on properties, one of the first things I do is to replace all the toilets.

start with a house hack.

I’d appreciate any tips or personal experiences.

Originally purchased as worker housing for another business but now use a rental.

I made a substantial down payment, so I could potentially pay off the house in about 4 years with my current income.

The house is 107 years old and had a pretty lackluster renovation completed on it, so I knew there were going to be some issues, but also some things I know I can solve with my property maintenance background. 

Personally, when I see numbers like those given, I start questioning assumptions and class treatments so I can rule out the alternative if possible.