Unless specifically allowed or required by Section 8, this is often illegal both for the tenant and the landlord and you will often be required to sign a document to that effect. 

If people are getting free electricity and water, they tend to be a little less frugal :) .Then check on insurance costs for a MFH and add that to your projections.Finally, talk to your contractors and see what requires permits, what their experience has been in getting them to pass inspections, the timeline and the cost.Factor all of these into the decision to move forward or leave as is - maybe advertise it as a 4/1 with a home office with outside access and get more rent that way.One last point - I hope that the addition you mentioned was done with permits and is reflected on the tax rolls because if not, you may open a can of worms you wish you had not.

Hi James, There are programs available for rental property transactions that do not require any employment or income information needed on the loan. 

In talking with people already in the game, many have told us that long term rentals right now are not a great option due to high home prices and higher interest rates; they would be very hard to cashflow aside from a sizeable down payment.What these same people have recommended is fixing and flipping right now, since homes are still selling.

This is due to the number of months the Bank/Lender is required to hold in escrow for both taxes and home owners insurance.As an example if you buy a home at or over $500K and the taxes are $9800 a year and you buy in a certain month you may be required to have 1 year up front paid on HOI & Taxes plus several months escrowed.

Seems really silly for the city to enforce as if I’m not still under the same roof. 4+ unit buildings don’t have this same requirement. 

I highly recommend attending some in your area to get the best referrals from investors doing deals there.Best of luck! 

Any recommendations on Podcasts, realtors or individuals with experience in the area would be greatly appreciated.

Several owners have posted here on BP, that they made the mistake of paying the CFK funds to the nonpaying tenant, usually duped because that tenant claimed they needed the money to move, and then the tenant did NOT move out:(So, our CFK process requires them to sign acknowledgement forms about the process, which we've actually been able to use in court against the tenant when they don't follow thru on the process.SECURITY: always a challenge in Class C & D areas!

If the floor is only 18 months old, it can probably be repaired.Even if it does require replacement, I will not let the tenant do the work.First, how does it benefit you?