This would greatly increase cash flow and create equity.

(Call it 20% federal and 5% state ($15k in income tax, plus the $45k in additional taxes you created.).

I work with many military and out-of-country investors to create a portfolio with turn-key single-family homes and manage on the back end, making it hands-free for the investor. 

And LA County already has laws dealing with any lot created prior I think to 1924 or 34..

Happy to provide feedback in return and share one of the lead magnets we’ve recently created for review!

Having a group of friends living in an apartment complex creates a sense of community and reduces turnover.

Being a one stop shop for mortgage, real estate, and property management helps us save our clients $$$ and they only have one company to deal with and one contact saves time and creates an unmatched synergy.

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

@Tonio PearceYes you should create a business plan.

If it's just slapped in the backyard, i'd imagine it may not make a big difference but if you create an environment around it, it could be different.