How do I declassify rental property??? Unique! - Landlord Forum thread 360662

How do I declassify rental property??? Unique! by Dude on July 14, 2020 @17:54

I have a 4 unit rental property that I currently rent 3 of the units to family (I use the 4th unit).

I charge low rents but I still get treated like a regular apartment building like needing a "Certificate Of Occupancy" and crazy taxes (not really sure if the taxes are related to being an apartment building)

What I want to do is, not be an apartment building any more and let my family stay in the units for free. I don't know where to start. Advice on what to do 1st, 2nd, 3rd or links would be greatly appreciated!!!

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Re: How do I declassify rental property??? Unique! by L. on July 15, 2020 @12:01	[ Reply ]

Since you didn't add your state, your question is impossible to answer. I would suggest contacting the city were the unit is located and ask them.

Re: How do I declassify rental property??? Unique!

Re: How do I declassify rental property??? Unique! by Robert on July 17, 2020 @10:36	[ Reply ]

First rule of rentals is never rent to family or friends. Even if you figure out how to turn the building into a "home" you are putting yourself at risk should things ever go bad. Your family could easily prove they are tenants at any time and make it very hard to ever remove them or collect for damages. There will also be tax implications to any change. If you really want to do this I highly recommend you contacting an attorney. This is way to complicated to go with our "free" advice.

Re: How do I declassify rental property??? Unique!