It's a slumlord type situation - but a lovable slumlord that gets along with the tenants. 

I don't know all the facts here or your full situation so I will refrain from giving my opinion but seems that would be the clear-cut answer based on your one-line post. 

Since this would be your principal residence I would look at the housing situation and determine the following:1.

Everyone's situation is unique...and for me, I love my cubicle job and the benefits it brings.

I’ve never been in a multiple offer situation and am not sure how to maximize the profits.

Hi everyone!

I’m buying a duplex, set to close the beginning of August. One unit is completely remodeled and rented out, the other needs cosmetics and is vacant.

The problem:

Current tenant was a friend of the sel...

Hi everyone I have a situation and need some advice.

When faced with those situations I like  to envision the worst case scenario and then ask myself if I could live with it. 

Also if you run other businesses, a different structure might be more helpful.Currently, seeing that the corporate tax rate was lowered significantly, depending on how much profit you want to reinvest in the business, an actual corporation may have some benefits as well.I'll say that generally an S-Corp would be the way to go, but there may be situations that make a corporation tempting.Be sure to work with a CPA that knows your specific situation.

However, there are some strategies regarding partnership shares between two spouses that may create a more beneficial tax situation with regard to income that's subject to SE tax- this is a more complex setup and should be done by a professional.