BP Family - I am currently under contract to purchase a long term rental home and will be closing on July 12th.

If that’s the case, I might bring on an investor for a long term ROI deal.

My suggestion would be to take a look at your goals long term and find out what group best aligned with those goals.  

Are you looking for a long term management team?

As you've probably read here, however, you will need to check the terms of your mortgage agreement for a "due on sale" clause.

IF you didnt lock - and rates  improve - I would expect the terms you are offered to be better .   

However, the good news is since you've owned the property for over a year it will be considered a long-term capital gain which holds a much lower tax rate than if you owned it for less than a year.  

Bret -For Long Term Rental, which I am assuming your Garage would be, you can take depreciation expense against the total cost of the rented portion including the construction/conversion.Thanks.

I’m currently very interested in investing in real estate long term and would like to get started with house hacking soon, hopefully by the end of the year. 

They didn’t want to sell on the market because they didn’t want to do showings.A Win-Win Offer: These are the Terms that Were Accepted-$500k Purchase Price.