If there is a renter in the property, the bank will count 75% of the rent as supplementary income. 

Technically the houses are the same size but the cellar just doesn't count towards the square footage.

So no one really counts income tax as an expense but you don't have to pay much, if any, of it.

Well, unless you count the huge headache that this has caused...

Well, unless you count the huge headache that this has caused...

For conventional you could get as low as 20% down, if you don't have to count rental income towards qualifying.

Hey thereBeen on the site awhile and pretty well seasoned with single family homes (10 doors and counting), but multi family is a bit unfamiliar.I have found an off market 5-plex in a smaller community that has low vacancy (as does the whole region I live in here in British Columbia).The pro’s:-5 units generating $2800/mo gross rents (which could be bumped up to $3200-3600 with some Reno’s).

And I have seen some accountants who simply count it if it's on the settlement statement. 

If you've got a signed lease a good lender can count 75% of that in favor of your DTI for the next loan if needed. 

The fact that they removed an attached fixture would count as an alteration to me.