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Updated over 1 year ago,
House hacking -- No properties yet but think my 1st to be a house hack (Philly & MD)
Hi All, Two quick questions.
1. Reading this BP article (https://www.biggerpockets.com/real-estate-investing/house-ha...) and it says the below. I thought you had to live there as your primary residence to house hack. So how can you house hack without living there? Or, is the distinguishing point that you just have to live there as your primary residence to get the owner occupied financing? (The below is a snippet from the BP article):
Can I House Hack Without Living There?
Yes, you can house hack without living there. While traditional house hacking involves renting out a portion of your primary residence while you live in another part, there are alternative methods such as short-term rentals to generate income without residing in the property.
2. Since there are tax benefits to house hacking, can a mother house hack with her child and save money by deducting a portion of the housing expenses and depreciation expenses?