I find it strange that no one has if it's allowed, but if you are first to market, you are essentially the guinea pig.

I've definitely made some mistakes here but I'm going to be very candid with the info on the deal, so please go easy on me haha.My brother and I purchased a property on a large lot in Culver City CA in 2020 that was essentially a tear down. 

Not everyone will be successful in this business especially during times when people are essentially jumping on the bandwagon. 

House hacking can certainly be a great way to build equity and reduce living expenses, but it’s essential to have a cushion in case your rental income doesn’t come in as expected or renovations take longer than planned.

Maintain detailed records to substantiate deductions for materials, labor, and expenses, which can significantly reduce taxable income.While an S-Corp provides tax savings, it also requires payroll management and compliance with formalities, making it essential to stay organized or consult a tax professional for ongoing compliance.This post does not create a CPA-Client relationship.

@Andrew Drasch As an entrepreneurial CPA, I believe that mastering your craft is essential, and that investing money strategically leads to greater financial success.

Quote from @Vince Scipione: Yes, they are a popular choice where I live and work, however with the ever fluctuating cost of oil heat, many people have swapped over their boilers/furnaces to what is called a "Propane Gun" essentially it is a device that is affixed to the front of the furnace/boiler that injects the propane and ignites it.

From there you can start to identify what you are looking for.Where do you land on the follow spectrums:Cash flow and AppreciationLong term or Short term needs (waiting for growth vs get out of my W2 now)Long term rentals, Mid term rentals, Short term rentalsBuying close to home or coast to coastSelf manage or hire a PMIf you can narrow in on those, you essentially have your buy box. 

Because you are essentially buying into an existing business, the sale of it could generate a disproportionate amount of tax for you given your time in this deal.

To maximize success, it’s essential to focus on standout design and thoughtful decor that really sets your property apart.