An applicant for my condo will have his son stay with him for a couple of months.

I am considering selling chunks as "commercial condos."

I need an 11th hour assist from my fellow BP members to be sure I am handling a tax situation correctly.The situation: I purchased an investment property in July 2017 for the purpose of renovating, creating 3 units and converting to condos for sale.

For posterity, Santander will not do HELOCs on investment properties that are Condos. 

Same style of home, number of bedrooms, number of baths, similar square footage, comparable age, same school district, etc. 

The apartment is in the same condo complex that my family lives in now.

Purchase price: $100,000 Cash invested: $30,000 bought a bank owned condo and its still a good cash flow investment.

What are you thinking of doing, sharing the residence and "co-living", sectioning off a bedroom for yourself, etc.?

We would obviously live cheaper than renting somewhere.Also, upon us moving out of the duplex I estimated we could cash flow anywhere from 200-600 per month depending on if I kept a two bedroom or converted it to three.Any input is greatly appreciated!!!

The renal rate is what I'm the most uncertain about. 3 bedrooms are going for between $1,100 & $1,300   there are not a ton of 4 bedrooms in this neighborhood that I have seen the asking rent so the $1,500 is based on the more general area.