Don't just read the lease!

Any insights or recommendations would be greatly appreciated!

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

I would recommend consulting with a tax professional to gather more details to confirm this based on your situation.

I have been reading the online resources about getting started, searching the market, and even doing tours, but I am hesitant to jump in and buy a house as I have quite a large amount of student debt.

All those wannabe wholesalers, please read above.  

@Felicia JenkinsI recommend going with a long term rental.

Hey Jon would recommend checking out FB groups if you aren't local (looks like you're based in the Bay).

I see that you recommend NOT having my mom deed the house over to me in order to borrow against it.

The accredited investor status question should be addressed by the investment sponsor, regardless of the comments you read here.