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