@JonathanHerron thats why if the seller says that then it sounds more like another investor that already took over the property.

Something about that doesn't sound right to me.

But it sounds like the lease is up and that they're moving out.

.$750. sounds to low for all expenses.

This has to be understood before a corrective action can be addressed.It almost sounds like the bank foreclosed, mixed up the addresses (legal description rules) and you have “owned” the wrong property during this time.I dealt with a similar issue, two halves of a duplex, where the Original legal descriptions were reversed upon the sale of the units.  

@Ronald Daley Househacking sounds like a solid first move! 

I do not share the same sentiment as "Thomas" on this thread in that it sounds like he has had a very negative experience with Section 8 tenants or he knows someone that has. 

It sounds to me like you are asking about the classification for purposes of getting a city business license?  

@David Sillaman Ok so it sounds like cash investments will not give rise to the appreciation/depreciation tax benefits for holding 10+ years and it must be capital gains invested into a fund to get that treatment.If cash and capital gains are mixed into a fund I believe that dilutes the tax benefits.

Now doesn’t sound like you’re a multimillionaire, so if you don’t plan to refinance I would put it in a llc.