In other markets, that would qualify as a game room. 

You would have to look at number using local college group, if you need a DSCR loan let me know i can help with that to and i can use projected income from the short term rental to qualify you.

And before people assume Rice is some toilet of the universe, which ok, parts may somewhat qualify for that statement, lol, there is also big $ in Rice.

Upstate New York will generally qualify with standard markets such as Travelers, Nationwide etc... there are a few other property programs that do very well depending on the size.

You can then qualify for a Solo 401K and contribute to it a lot more than with a regular 401K.

The main reason you don't want to be negative upon moving out other than creating cashflow is because it will affect how much you can qualify for on your next home purchase.

My question is when the three years are up is there a way for me to “refinance the house into my name based of off the equity instead of having to qualify based on my income and pay the owner off”.

Unfortunately, there are several barriers, including finding a seller willing to accept this loan, a lot of lender red tape, and then coordinating a qualified/licensed contractor to do all the work.

As long as the rental income covers the new mortgage payment, you qualify.

I will be an OOS investor as I live in Florida and it is a very expensive market.Based on my household income I would qualify as an accredited investor.