Our house has a main part of the house and a MIL apartment in the basement.

Also look at how much the house has increased in price-if it has increased a lot, you may want to sell it to avoid paying capital gains which will kick in if you sell it a few years down the road.

I bought a house on a well and need to conserve water.

I am hoping to begin investing in Real Estate by house hacking in the near-future.

Or did you mean you'll be renovating the house so that other third party assisted living services can rent from you?

I have a friend who is an agent that is looking to assume my VA loan and buy the house off market, so that I can avoid paying fees and commissions.

Shall we start with the demographic that rents houses?

I would highly encourage you consider House Hacking.

People don't like the idea and have the mindset that they would always prefer a homeowner in the house.  

We are a low volume housing provider.