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.

However, from my research it seems as though getting financed for a property with an llc that shows no income can be difficult.

@Charles EvansFrom my experience, having rental income of $1,400 to offset a $2,600 mortgage, leaving you with a $1,200 payment, is a manageable setup with an income-to-mortgage ratio of 28.5%.

Best thing to do is avoid the higher DTI debt to income, claim one as investment and use the rents to offset the new purchase. 

My daughter is an Agent in Vegas I suspect they are going to get a lot of overflow as well since there is no income tax there and prop taxs are basically the lowest in the nation.. my mid term rental I have there has routinely been leased out to insurance companies paying for their clients that had a fire .. or this last one they were building a new personal residence that took over a year. 

My strategy is to hold it long-term, leveraging the steady rental income while benefiting from potential appreciation.

In which case, the single family properties might rival and even exceed income potential of comparably priced multi-family properties.

I’m a fan of leverage to scale up and ramp up my passive income.

He abandoned trying to scale.Learning from this experience when my partner and I decided we wanted to double our net income, we realized it would take a increase of 2 1/2 time our volume and probably need to triple our deal flow.  

Median household income can be an indication of the area.It's not feasible to manage D-class remotely or with 3rd party management and make a profit.