The fully-remote W-2 adds another dimension to REI flexibility.

That should not create a taxable event.another option that keeps more flexibility for you is to stay Tenants in common and form a mm LLC that has a contract to manage the property - run it, maintain it, collect rents and distribute profits to the members (the same two people.But keeping the property held in tenants in common you retain the ability to later sell and each of you go your separate ways in 1031s. 

@Carlos Ptriawan, great point regarding the median incomes in Miami; however, keep in mind that remote working is giving people with larger pockets (from other major US cities) the flexibility to work wherever they want to. 

Gunite obviously gives the most flexibility as far as design.

But setting toilets, connecting flexible water lines and even installing shut off valves, if not there, is fairly simple.I also hate drywall, and it is definitely an art.  

It could take away some flexibility and force you to sell or get new financing sooner than you may want.

Taking a flexible approach has worked out very well for me personally.

Millennials like me who have been unable to buy a home in a lot of markets now have the flexibility to live other places.

@Tim Coakley You have some extra flexibility with this once since he owns it free and clear.

However, I think it somewhat depends on the tenant and the market - I've seen month-to-month tenants stay for 15+ years, and they just like the flexibility of this type of lease.