Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

The tenant who occupies the property pays the rent.

Trump has said he plans to keep owner occupied rates at 6% through 2026.

@Marc Robinson some may be more adventurous than me but with septic and well I would walk awayI prefer TOH of course but with $300 lot rent and 19 occupied, utilities included in rent I would pay $400-450k for this

As Pat mentioned you have a lot more flexibility with home 1 because it has no mortgage and is not owner occupied.

LLC's are still the way to go but yes you can't tap into owner occupied mortgage tools such as HELOC's or high leverage.

I plan to start my investing journey with an owner occupied multi-family in Albany or the surrounding cities.

If i were to purchase a 6 unit apartment for $280K, which fully occupied is roughly $5,050 a month.

It could be some sort of skill set for renovations, design for furnished rentals, specific market knowledge, owner occupied loan products for a house hack, etc. 

For example in many jurisdictions I can STR units in a duplex but cannot STR an ADU (some jurisdictions will let you STR if you owner occupy).