Your clients will have a separate auto policy and if you only write the home there's a real good chance you will lose the account within the next 5 years as they will want to bundle the two together to receive discounts.   

You're purchase and sale are on two different calendar and two different tax years (satisfying at least two tax court rulings) and separating them on two consecutive tax returns.3.

Are they on their own separate parcel?

Rent out the House part and the mother-in-law suite separately (could also be a short term rental). 3.

Can you survey the property and have the property split up to basically make two separate properties and insure the good house?

As such, you may not create a transaction where there is any direct or indirect benefit in either direction between yourself (or a LLC you own, which is still you) and your 401(k).While there is theory that you and your plan can "very separately joint-venture" into a transaction, it would be very easy for the IRS to find holes in your transaction that create some form of benefit. 

Purchase price: $214,000 Cash invested: $3,500 Took a single family home and converted basement into separate unit.

The fact that you also have separate W-2 income should not prevent your self-employment activity from sponsoring a retirement plan.  

Instead of 5 separate houses with 5 roofs to maintain, etc, you only worry about one roof over everyone.

I’m thinking about house hacking for the first time with an FHA loan 3.5% down.There’s a duplex that someone is selling me off market at $220k in a very good area in Tampa, FL (West Tampa is the area). 2/1 each unit and the rents are usually $950-$1,000, separate electric meters, one water meter.