I have 12-doors there and live in California.

I personally own/live in a historic home and I can promise you this: it will cost you more - a lot more - to renovate and maintain the property. 

@Shawn ParshOne of the best things about the time we live in is how much information is available to us to learn from.

Since you have lived in the property for two out of the previous five years you could take the first $500k of the gain tax free (as a married couple).

Hello Anshuman, I live in the OC area and we help many investors with financing their projects.

With house hacking, there is a simple rule in my opinion: The more uncomfortable you're willing to live, the better the numbers can work, the more comfortable you need to live, the less the numbers will work. 

@Brandon Weis, the reason and the only reason why they cannot use the rental income on the other units for a conventional loan is because you probably live rent free and don't have a housing expense.

Converting the basement to a living space to make a duplex.

I currently live in Boston.

This is my second step into this world.Quick introduction about me:I'm 28, I live in a small town in Quebec, Canada.