Thinking about buying a duplex (zoned commercial). One side is an efficiency, one side is a one bedroom. Basically, an older house that has been subdivided. Currently being used as an AirBnB. Wife would use one side as her law office (she's been renting a different space, but her lease is up Jan 1 and the landlord is raising the rent), the other side we would rent out long or short term.
Great location. Pretty sure we could rent out the other side with no problem. From the pics on the realtor website, looks to be in good shape, although it is an older house. New metal roof, pier and beam foundation. Nice backyard, small lot. Going to look at it this weekend. Its been on the market for a while, price has been dropping, I think we can get a good deal, but the current high interest rates are a concern.
Some questions:
Best type of loan? Small Business Loan or something else? We currently have no debt, house and cars paid off, zero credit card debt.
Long term rental for the other side, or continue as a short term rental?
Tax issues or benefits?
What am I missing/forgetting? How am I going to fuck this up or get fucked?