General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago,
What kind of rental agreement/lease agreement would you use?
Hi there! My girlfriend recently purchased her first home; a single family home with two permitted bonus rooms; one is directly below the house and another is built above the garage. Each space is approximately 300 sq ft and are single rooms with a 3/4 bath.
We tested the response and it would be no problem getting tenants/room mates in the spaces at about $1,500 each. We were going to install a bar sink and kitchenette (no stove) so we are not sure if that would be illegal and her fear is that a neighbor would report her to the city.
My girlfriend wants to do everything legally but the application process, permitting and construction would take up to 6 months (so no rent) and cost upwards of $40K.
She's going to be living in the main house; can she just rent out the spaces as if they're her room mates? Would she have to provide a kitchen or use of her kitchen to the tenants?
Other options we've considered; renting out the main house instead of her occupying it immediately, doing air bnb for the studios.
Any advice would be appreciated.