Fannie Mae's guidelines verbatim are as follows:Must be occupied by the borrower for some portion of the yearMust be suitable for year round occupancyBorrower must have exclusive control over the propertyMust not be rental property or a timeshare arrangement (this has the following disclaimer in the guidelines:  If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).Cannot be subject to any agreements that give a management firm control over the OCCUPANCY of the propertyThis means that as long as you intend to occupy the property some portion of the year, you could absolutely rent it while you are not using it. 

I'm using 120.00 for the millage (will vary by location) and $2,400/year for HOI.

Thru the years it has been vandalized and damaged also by weather.

By changing any of those, you then are required to update the code for the room, which would most likely add to your list the requirement to add a smoke detector, which may not already be present in the room if it is not a new home.Now, that is the RIGHT way to do the conversion. 

agree with everyone else one thing to have it on a home you live in. but for a rental no way.your tenant expects stuff fixed.. even manufacturers warranties are fairly useless to the landlord.one of my units had a 2 year old water heater crap out.. but by the time you apply for the warranty etc what do you expect your tenants to do go without hot water for weeks ?????

They will not use the income if you don't have those lined up by closing.Tons of people do this, and I also did the same thing earlier this year. 

I’m sure this could be done with a management software but I want step by step instructions in the form of a manual for my heirs as I’ve got multiple bank accounts and mortgages that would need to be paid.

The accounting module is adding capabilities and can get you ready for tax season, but by no means has the capabilities of larger platforms that are more expensive.  

XXXXXXXXXXX, in book, page, of the Official Records of the County of Los Angeles County, State of California;WHEREAS, the Trustee does hereby reconvey, without warranty, to the person or persons legally entitled thereto, the estate now held by the Trustee under said Deed of Trust.Dated 1/17/2013Trustee: ReconTrust CompanyBy: Maria Fregin, Assistant Vice PresidentState of Arizona, County of Maricopa.....and then below all that, it is notarized.

Or are there some of you out there that stand by door count being a useful barometer of success?