I’m not sure what the rules,regulations, restrictions are for renting out basements, so I’d appreciate some input from people who have done this before

Plus we have several other documents from WLB like non-standard lease provisions, rules and regs etc we use as well, so it adds up. 

A Normal 250k - 300k house will never, ever get close to the 1% rule for rent. 

The rules of the game are simple, can be read and understood in less than a day.

Make sure you are aware that the STR rules do not change in the locality you are interested in, also make sure you have Long Term Rental or MTR as an exit strategy if STR does not work out

It is written by an attorney and from it, I learned all the procedures and rules that lawyers use to successfully navigate court.

New Garage door on detached 2 car garage.My mortgage company is Citizens Bank and from looking at their rules for PMI cancelation(per google AI) they are:"Citizens Bank will automatically cancel private mortgage insurance (PMI) when your loan-to-value (LTV) ratio reaches 78%.

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

The property is now valuing minimum at 365K via Zillow, HAR, and in the 400's with CreditKarma, with identical / neighboring units selling +$20,000.00 more than those estimates. 

Aloha Tekoa, The problem with DSCRs is every lender has their own particular sets of rules/guidelines which Devin mentioned above.