Rule #4: Don't rent to friends, family, coworkers, or anyone you associate with outside of landlording.

Let's say almost $3000.Thanks for your help.I was in the similar situation when I bought my first 2-family in 2017 in North NJ where I was house hacking.

I plan to gut renovate an entire multi-family property.

Talk to the city to see what is needed for a suite and then go through the check list.for tenants, I'm not sure I would have rented a basement suite to a family of 7-that's asking for trouble giving the size of the space.

No language requirements.Really, Russell, if you ever need to know anything, I lived in an Athens suburb from 2000-2007, and I have lots of family over there.

Investment Info:Single-family residence buy & hold investment in North Little Rock.

Investment Info:Single-family residence buy & hold investment in North Little Rock. 2021: new metal roof, painted the interior and exterior, sanded and painted the kitchen cabinets, and installed a new furnace.2024: New new vinyl plank flooring and carpet were installed throughout the home, all of the electrical outlets were replaced, and the A/C condenser and compressor were replaced.This property is currently listed for sale!

FHA 3.5% down could get you about $500k worth of house at 3.5% down.Also keep in mind that rents from the units can count toward qualification.Up to 4 family allowed on FHA or VA as owner occupied

You never know what each family is going to use more or less of.

The borrower was operating a sizable operation, inclusive of approximately 100 multi-family units.