In regards to your question, I would get in touch with the town offices in regards to the different codes involved if you wanted to make your basement what will be essentially an accessory/in-law apartment.

Every area is a little different.If you want rental income, buy a legal multifamily home by or a home with a permitted accessory apartment.Your lender is correct in the sense that you can't tell the bank you're going to illegally rent out the basement and have them include the rental income in your application.

Another big trend in our area is Accessory dwelling units (ADUs).

South LA has favorable zoning as well; our street is primarily R2-R3 zoning.If you drive the neighborhoods, you'll see a lot of wheelchair ramps and accessories for the elderly. 

You can call riverton and look into a legal accessory apartment though most neighbors don’t care.

"A parcel with a single-family residential use, may have only one accessory dwelling unit (ADU) or one junior accessory dwelling unit (JADU), but not both.

I recently started a job at BYU and my wife and I are considering looking for a house close to BYU and renting out the basement.I was wondering if anyone had insight into how to know if a property falls in an A overla...

And, also please consider checking on the set-back requirements to see if you can put an accessory dwelling there. 

I'm in the process of converting it into an Accessory Dwelling Unit (ADU), to rent it out as a studio apartment and get going on house hacking.

We did toy around with the idea of calling the property a single family dwelling with an accessory dwelling unit.