Single Family Home with Mother-In-Law Suite?

[Shawn Wade]

Hi there! Newbie from Sarasota, FL! I am in the process of looking at properties on the MLS and visiting neighborhoods and seeing what's out there, as I want to purchase a multifamily and live in one while renting out the others.

Thing is, what's in my price range multifamily-wise, that I've been seeing, either are 1) not in a part of town I'm fond of and wouldn't want to live there myself, or 2) looks like it's a pretty hefty repair job. I'm not opposed to doing some work and/or having work done, but I didn't want anything outlandish.

My ideal scenario was to purchase a triplex or a fourplex. But I haven't been seeing anything that really stands out or that I get excited about. And it's highly possible the right deal just hasn't come up yet. I'm in no rush for the right first deal. But out of curiosity, I glanced at some single family homes and found several of them that had mother in law suites (private entrance, bathroom, kitchen, etc.). And they looked like potential was there.

My question is, with a mother-in-law suite, how much different is it than an actual duplex, other than the fact that there is a door connecting the two of them? Are there specific zoning laws that would be a hindrance? How would a lease work? Would it work more like renting out a bedroom (which is what I really DON'T want to do, as I don't want to share any living areas, lol), a whole separate apartment, or is there some different method altogether?

I am still just looking at all of my options. With a SFH with a mother-in-law suite, I think it would limit my exit strategy a bit, because I'd think it would be difficult to move out in a year or two and then rent out the main house to someone else, knowing that the mother-in-law suite is occupied by complete strangers. Haha.

Thanks for any info you can provide!