A few years ago we converted our garage into a studio unit, intending it for our disabled child, who is now old enough to move in.
From what I've read, if we do this as a rental, we get a lot of good tax breaks. The catch is, our (adult) child can't possibly pay anything close to market value, which, again from what I've read, would make it a personal use situation, and hence no benefits. It's a very high rent neighborhood.
Benefiting our child is our number one priority, but I wonder if anyone has any thoughts on the best way to do this for all of us. I'm not sure we should even charge rent, if we're going to be taxed on it without any of the landlord tax breaks.
Incidentally, the rental is under our home mortgage, which is close to paid off. And we're unlikely to move.