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.

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.

@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!

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

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

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. 

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.

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. 

All great things to consider and I appreciate the recommendations.