If you have other amenities, then you need to adjust the rent accordingly. 

Though a high percentage of such suites are likely illegal from a technical perspective, that is not balancing out the risk in his eyes.Impossible to answer particular with Covid delays, but does anyone have experience obtaining an adjustment in Hamilton from SF to legal 2nd suite or any feedback?

So you may want to adjust your expectations a bit.

Your best option is to tread lightly and make big adjustments when you turnover units.

Definitely interesting trend to see how people are adjusting their investment strategy within real estate in post pandemic times.

The rates are adjustable so they can go up over time.

So to avoid the taxes, you and your sister-in-law would have to keep the houses purchased for you until your in-laws pass away and the tax basis adjusts on inheritance.

I ask because land vs. building is not mentioned in the calculations for both Adjusted Cost of Property given up and Basis for Depreciation in property acquired (see calculations below).

These areas have relatively low median incomes that are growing relatively quickly, and they're adjustment to higher-income areas.

Another thing to take note of: If the property is owned by an LLC, you will generally have to use commercial financing: Commercial financing (typically in the form of a 5/1 or 7/1 adjustable rate mortgage) is for business entities, not individuals.