Input on Using Rental Income from Primary Residence

[Alex Agafonov]

Relatively new investor here!

I purchased a single family home in October 2014 and have been renting out 3 of the 4 bedrooms ever since. This results in a monthly profit of $427. I am currently on a plan that would allow me to purchase a 2nd property in the next 15-18 months. However, it would be hard for me to qualify for a second mortgage based on my monthly income and I want to take my rental income into account as this is an additional $5124/year and can offset the mortgage from my liabilities. 

I am now in the process of filing my 2014 return and due to the limited number of months that I rented the property (November/December), the number of deductions that I am able to take from the home purchase and a few repairs that I did prior to move in, my rental income is showing as -$3300 for 2014. Will this create issues for me moving forward? What is the best way to handle this? I am willing to limit my deductions to show a more positive rental income number. 

Thanks in advance!!

[Jon Holdman]

I don't think this will matter.  From what others have posted, lenders aren't going to count "roommate income".  So, before jumping through hoops on your taxes, speak with your prospective lenders and see what, if anything, they will do with this income.