I hope this would be a readily obvious one to most, and to be considered as front-line defense, as it should be.But any 1 alone, is ignorance, it is. 

Just remember to consider the local job market, population growth, and rental demand when making your decision.

Purchase price: $155,000 Cash invested: $159,000 I offered my client 155,000 for her home that she was considering selling, she said yes.

@Renee LeFevreTo rent out your basement, follow these steps: check local regulations, prepare the basement with separate entrance, screen potential tenants, draft a lease agreement, set the right rent price, consider tax implications, update homeowner's insurance, and build a positive tenant relationship to attract quality renters.Good Luck!

Well-intended, no doubt, but you might consider running some of these ideas past a good lending attorney.

We have spoke to banks in the past and its challenging to find ones that will do a C/A on a first but the ones that would consider it would not do it on a 2nd.

If it’s substantial, it might be considered business income.

Make it a 30 day minimum rental and it's not considered short term.

I had one customer who bought here thinking they had to go to the office every day and then never went to the office. 

Consider working with a Realtor who specializes in investment properties to help you find the right deal.Run the NumbersThe key to successful house hacking is making sure the rental income from the other units can cover most, if not all, of your mortgage and expenses.