They want to get a monthly check without having to work for it.

Also check into bylaws to see if you are allows a second freestanding dwelling on your property.

Because instead of collecting one rent check per month, you’re collecting multiple payments from different tenants.

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

The IRS doesn't trust you to report accurate information, so the 1099 from the property manager is checked against your filing.Any company that does more than $600 in business with you should issue a 1099.

Each programs have different requirements so it'll be important to check.

Check with your tax accountant.

Get an estimate from a GC to get a good idea of what is required.Market Comparables: Check what similar-sized homes with finished basements or additional bedrooms are appraising for in your area.

It's a good idea to schedule your own safety inspections, including checking for smoke detectors and carbon monoxide alarms.3.

I wonder if they’d be willing to just send me a check for $13k/mo?