Wife and I are both self-employed so acquiring a traditional mortgage is challenging based on our "on paper" income.

Thanks, Bernice One approach is to break it down by looking at similar vacant retail spaces nearby and comparing price per square foot while factoring in potential rental income once occupied.

.🔥 Why Co-Living & House Hacking Work So Well Together✅ Higher Rental Income Per Unit – Renting by the room typically beats traditional rental rates.✅ Lower Vacancy Risk – Losing one tenant doesn’t mean losing all your cash flow.✅ More Affordable for Renters – Competitive pricing attracts a steady stream of demand.✅ Built-In Community = Lower Turnover – Tenants stay longer when they feel connected.✅ Allows You to House Hack a Single-Family Home – No need to compete for pricey duplexes and triplexes!

I don't know about you but I am constantly on the hunt for consistency, consistency of income, of deals, of productivity, in my relationships...so that's my focus in all things not just real estate.So my vision to your question is a a state of total consistency of income and deals.I'm focused on the basics, which to drive me is even more specifically "making offers."  

But, if the end goal is to have truly passive income you have to eventually build a hands-off turn-key operation or outsource the work. 

@Luis Cerwin as others have stated, Nov - Jan is the worst time of year to have a vacancy.Majority of tenants live paycheck-to-paycheck, so all their income goes to Holiday spending starting with Halloween, then Thanksgiving, then xmas, then NYE.January is also historically the worst month for rent payments due to Holiday Hangover Spending.

Purchase price: $110,000 Cash invested: $60,000 Sale price: $225,000 This property has 2 units and 2 storage units creating 4 income streams.

Ama - get your income up so you can save some money to put into your first deal.

@Justin Brin Yes, you can elect to aggregate your rental properties for Qualified Business Income (QBI) purposes, but once you do, you must continue to aggregate those same properties in future years unless there is a significant change in circumstances (such as disposing of a property).

Hey Spencer - It sounds like a great idea to generate some extra income with your empty room!