One potential way to structure a scenario where a long-term tenant of a single-family home can receive homestead exemption is for the homeowner to designate the tenant as a co-owner or co-borrower on the property.

Moreover, if your business is organized to source and acquire deals off-market, the licensed LLC member must disclose to the property owner they are a real estate agent.

And that’s too bad, because the concept can lend “clarity of purpose” for many investors.Often, we in the real estate arena, get caught up in our real estate “business”, with an emphasis on “cash flow” or “spendable” income, the professional investors equivalent to salary for the wage earner  and met income to the small business owner.  

The owners tried to sell this 1.5 acre property, with 5 small rentals plus one main house back six months ago.

The $1200 you are referring to is Gross Rent with owner paying ALL utilities - which is financial suicide with S8 tenants. 

As an owner of 1 unit, you have a lot less control and extra fees like HOA fees.

FYI, the City of Richmond has become unfriendly to non owner-occupant STR's.All the best to you in your investment goals.Cheers!

I'm not exactly sure if that bill goes to the owner or resident.

One of my goals is to get a four-plex and take the rental route + owner occupancy within my area.

Usually for multifamily, it takes a good 6-12 months to stabalize a property and deal with all the left over baggage from the previous owner.