I did the analysis of rents in the area with for really cheap is 650$ but based on my 2% rule you can get away with 120$ in rent and make money also keeping in mind the 50% rule.

I figured I could possibly convert the upstairs 2 bdrm into a 3bdrm (1800 sq ft should allow for 3 bdrms), and the downstairs into a couple of 1,500 sq ft 3 bdrm units - provided the layout works.Im just wondering if anybody knows more about multi-use zoning rules and/or what my chances might be to pull something like this off.

Rules apparently changed 12/18/12.

I'd just use the 50% rule (50% of gross rents go toward expenses, capital and vacancy).

I also look at it as a retirement supplement.Exit strategy is also a biggy...so much easier to sell a SFH.I love seeing a family move a TON of belongings into the house...No way they are in a hurry to move all that stuff anytime soon.I have not ruled out duplexes...still doing some research into the idea.

They didn't count college or internship in his work history for his home loan, so maybe the rules have changed as we told him they would count it, but they wouldn't.

The only time I'm ever able to justify doing my own title search is if the property is really cheap - so cheap that a title insurance policy is overkill ...and these kinds of properties are usually a waste of time in the first place (depending on where you're at financially).

Although licensing is not required there are laws rules and regulations to follow just the same and a court of law will hold you equally liable.

Include late fees and other rules about late payments of rent.Specify upfront EVERYTHING that matters to you:- Is smoking allowed anywhere on the property?

If you can get past the 4 house rule.