A live-in flip involves buying a property that needs work, living in it while making improvements, and then selling it for a profit after at least two years.

Primary Benefits:

1) Capitalize on the Section 121 tax exclusion

2)Gain sweat equity by doing some of the work yourself 

House hacking involves purchasing a property and renting out portions of it to offset your living expenses. This strategy can take several forms:

1) Renting by Room: Buy a multi-bedroom home and rent out individual rooms

• Ideal for young professionals or those in high-cost urban areas

2) Accessory Dwelling Unit (ADU) or Detached Accessory Dwelling Unit (DADU): Add a separate living space to your property (like a garage apartment or backyard cottage)

• Rent out the ADU while living in the main house, or vice versa

3) Mother-in-Law Suite: Purchase a home with a separate, self-contained living area

• Rent out the suite or use it for multi-generational living

4) Basement Apartment: Convert a basement into a rentable apartment

• Great option in areas with high demand for affordable rentals