Really that would be a bonus, so I cant base this decision on the fact the I “might” end up living there in 8-10 years or so.I would setup the space so that it could be accessed only from the alley.

Adding to the title may create gift tax exposure. 

On the upside bonus depreciation will be extended to 100% on new and USED qualified properties placed in service and a few new upgrades can be considered for the Sec. 179 deduction.These are just some general new items that we all have the pleasure of looking forward to.

As an added bonus, the kid in me loves opening the packaging and being mesmerized watching them expand lolAs for the couch, only get a pull out queen size sleeper sofa. 

The lower Trump tax rates, expanded brackets and the bonus 20% pass thru deduction have me thinking this is probably the best time to make the conversion.My problem / concerns are as follows:  - I have just over $250k in my IRA (dividend paying stock) so the taxes owed would be HUGE.- I have approx $1.2M net worth in RE and plan on keeping most of it as I retire so I do not foresee NEEDING the IRA balance to live.- I am 52yrs old so I have some time to recapture but not that much (comparatively).- The market is at an all time high so paying taxes now may mean if there is a correction, however slight, I am overpaying the tax- I could pay the tax from current reserves but that would leave me almost naked on that front. 

I have some exposure to investments in this area presently; but am looking to learn more from anyone who is also investing in these neighborhoods and hear about their experience, overall ideas on the market, etc --- look forward to connecting!

It does take putting yourself out there, some exposure, aligning with other people's time experience, money, ...

Keeping the current financing in place but selling the unit with some sort of owner financing lets me (I think) enjoy the benefit of a cash out refi at a great rate while reducing/eliminating my exposure to the taxes and condo fee on the current property, freeing me to deploy that capital against a more CF producing property.

I have recently heard about cost segregation studies and bonus depreciation.

And a bonus is that it will make the garage usable for 1 car (as opposed to now when it's advertised as just storage), so perhaps that will add value.