They may cost approximately 10% of your rental income per month, but may be worth it when you are residing out of state. 

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

how long have you owned it and was it ever your primary residence? 

Also, I don't know if it would be worth it from a liability perspective either, but would advise to chat with an insurance pro/legal pro.When purchasing a primary residence, conventional loan guidelines will require you to take down the property in your personal name.When it comes to taxes, you'll likely be able to take the standard deduction AND itemize Interest, Taxes, Insurance, Depreciation, and expenses prorated based off the rented portion of the property when reporting the 1040 along with W2 income.

But always complaints about guests (residents) leaving common space a mess, some resident gets mad they have to clean up...   

I'm not so worried about "anonymity" because the house is our primary residence, so we're not hiding, but we want to look like we don't have excess assets.  

Investment Info:Single-family residence wholesale investment.

I would first check to see if HELOC is even an option - in TX its hard to find and can only be done for a primary residence.

Investment Info:Single-family residence buy & hold investment.

Do you have to commit to only serving one type of resident over the other?