If not rented at fair market rent, this property will just count as your residence, not a rental for tax purposes.Structuring the property under an LLC or land trust could trigger a due-on-sale clause, so check with the lender before proceeding.To minimize risk, consult a CPA for tax strategy, weigh financing costs, and draft a legal rental agreement.

Hi EdwardThe main benefits of section 8 include guaranteed rent payments from the government, which can provide a steady income stream and reduce the risk of vacancies or non-payment.

Also, consider a portfolio loan to consolidate and free up capital.

Another issue we are dealing with as an organization is what determines a property Lead-Free in New Jersey.

I was going to type “don't take uncomfortable risks.”

So next tenant goes to a FREE tenants rights/advocacy group, who is all too happy to jump all over it.

There isn't a lot of things you can do to mitigate the risk.

There ain't no such thing as a free lunch. 

The first house I bought, I lived there rent free, AND mortgage free, while renting rooms to other people.

Any suggestions on how to get started, some risks to be aware of?