I see the same things from borrowers or those that take on mortgages.understand the concept.. but did not read much of the 30 page Mortgage document.Or read and understand the note.With so many of the larger HML or DSCR loans being backed or bought by wall street firms you know their lawyers are creating these documents and I suspect virtually no one reads every clause in them and or understands what they mean in relationship to the transaction and what your signing.

Put ~$35k into it and fully gut-rehabbed it (mostly ourselves) to make it an awesome home at ~$500/month mortgage.

The most obvious is that you will be able to offset your mortgage with renting out a few rooms.

I have a multi family that has a separate 1 acre lot attached to it by mortgage.

Matt Devincenzo is correct in saying that some mortgages have assignment of rents.In Florida, a HOA lien is a "super lien" (sort of equal to the 1st mortgage).

Aside from the mortgage payment on an MF, I want to stick to 0 leverage for now. 

Properly sharing and educating others is so important, glad to see others doing it!

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

Someone gets injured in the basement your home owners insurance probably will not cover it and the liability would be pushed back on you.Would suggest discuss the finish with a Licensed Contractor, Licensed Expeditor and maybe a zoning attorney in regards to adding a unit to current zoned two unit converting to a 3 unit.Also, when buying a two unit and converting it to a 3 Unit, read your documents with out knowledge of the conversion the bank holding your mortgage could call your mortgage.Let me know if you have any questions.RegardsJoe Scorese

The most obvious is that you will be able to offset your mortgage with renting out a few rooms.