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A) you should never have bought THAT property to begin with
B) everything else going on since has been about making up for that error
C) extract yourself from the problem property entirely -even at a loss if needed
Then...
D) if you NEED a housemate/tenant of some sort to make a budget work (and you do)...
E) choose a property that actually meets your needs, has those features/amenities required, from the outset
F) that choice does NOT have to mean a purchase.
I inherent ed a third the house.
I really am not sure why you seem to dislike me so much.
What makes you think that:
Having a $100k mortgage on a home that is worth anywhere from $170-200k is something I can't handle (with a ft job for the last 5 years, and $75k in my checking)?
I don't want to become s full-time landlord. I simply want to rent out part of the (massive, for me as a single, at least) home to someone.
Rental income makes you a landlord for tax purposes. It doesn't matter whether you rent the whole house out or only part of it. You really don't seem to understand what you're getting into.
Rental income makes you a landlord for tax purposes. It doesn't matter whether you rent the whole house out or only part of it. You really don't seem to understand what you're getting into.
Do uou think I would have started a thread if I had all the answers?
I thought people asked questions to get information about life's endeavors here.
Rental income makes you a landlord for tax purposes. It doesn't matter whether you rent the whole house out or only part of it. You really don't seem to understand what you're getting into.
And to be honest,your response is off-topic.
My OP was "converting my house to duplex - is it too much trouble" is really askinin about the conversion process, not the renting/tax process.
people often asked underdescribed (lack of important info) questions, when the full question/matter involves things they hadn't asked or in most cases (like yours) considered.
people often asked underdescribed (lack of important info) questions, when the full question/matter involves things they hadn't asked or in most cases (like yours) considered.
I've asked those sorts of questions on here before:
So I get that renting brings other challenges, but I am not asking about the nuts and bolts (I'll cross that bridge if/when I get there), I curious what others' opinions are on conversion of a home into duplex.
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