No structure shall be erected on these lots except one (1) detached single family residentiai dwelling of not more than (2) stories in height, and such other building• necessary and subsidiary to same such as a garage3.

Great way to save money while also keeping RC coverage on the dwelling and roof.

From a lender and insurance standpoint, this is still treated as a rental until ownership actually transfers.Typically you would carry a landlord (dwelling) policy in your name to cover the structure and your liability, and the tenant would carry renters insurance for their personal property and liability.Even in a lease-to-own setup, most lenders and insurers do not want homeowners insurance in place once the property is tenant-occupied, and the tenant generally should not be insuring the structure.It’s also worth making sure the lease language is clear that ownership has not transferred yet, since that can affect how insurers and lenders view the risk

As I understand the strategy, you would not have any dwelling exposure as you are renting from the owner long term.

Nevada also offers some of the lowest property taxes nationwide.Sources:Homeowners insurance: National/state averages for $300K dwelling coverage with typical deductible.nerdwallet+1Property tax: State/local government averages and example calculations.makefloridayourhome+3https://www.nerdwallet.com/article/insurance/average-homeowners-insurance-costhttps://www.makefloridayourhome.com/florida/blog/property-tax-in-floridahttps://www.nerdwallet.com/insurance/homeowners/nevada-home-insurancehttps://worldpopulationreview.com/states/nevada/property-taxhttps://smartasset.com/taxes/nevada-property-tax-calculatorhttps://www.hometaxsolutions.com/2025/06/how-property-taxes-are-determined/https://www.nerdwallet.com/insurance/homeowners/florida-home-insurancehttps://www.bankrate.com/insurance/homeowners-insurance/states/https://www.axios.com/2025/08/26/home-insurance-premiums-cost-maphttps://matic.com/cost-of-homeowners-insurance-guide/https://www.moneygeek.com/insurance/homeowners/average-home-insurance-cost-calculator-texas/https://www.greatflorida.com/blog/2025/how-much-is-home-insurance-in-florida/https://www.kiplinger.com/taxes/floridians-vote-to-increase-property-tax-breakhttps://www.moneygeek.com/insurance/homeowners/average-cost-home-insurance-nevada/https://states.aarp.org/texas/texas-homeowners-insurance-rates-risehttps://www.texastribune.org/2025/06/04/texas-legislature-property-tax-cuts-2025/https://www.marketwatch.com/insurance-services/homeowners-insurance/average-home-insurance-cost/https://www.rocketmortgage.com/learn/property-taxes-by-statehttps://www.insurance.com/home-and-renters-insurance/home-insurance-basics/average-homeowners-insurance-rates-by-statehttps://belonghome.com/blog/property-taxes-by-state-2025I hope this helps.

Is the RV considered a separate dwelling?

My husband and I also own a vacant lot next door to our home in Charlotte and dream of building a duplex with an accessible dwelling unit in the back to rent out and take our door count from 1 to 4 and the HELOC on the Fayetteville home would be a nice head start on that project.  

Have you looked at the policy that covers the dwelling? 

The ability to pivot the property to STR, MTR, or co-living use is valuable.If you are only holding the real estate and not operating the business, then who you choose as your operator matters more than the specific house you buy.PM me if you want to talk through this in more detail.Fannie Mae's guidelineFannie Mae purchases or securitizes mortgages that are secured by properties that have a business use in addition to their residential use, such as a property with space set aside for a day care facility, a beauty or barber shop, or a doctor’s office.The following special eligibility criteria must be met:The property must be a one-unit dwelling that the borrower occupies as a principal residence.The borrower must be both the owner and the operator of the business.The property must be primarily residential in nature.The dwelling may not be modified in a manner that has an adverse impact on its marketability as a residential property.

WHAT DWELLINGS ARE EXEMPT FROM THE CITY OF NEWARK UNDER RENT CONTROL LAW?