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My primary residence is nearly 4,000 sg ft. I have two roommates who share main level with me. The basement is a mother-in law apartment. It has its own kitchen, its own laundry room, 2 bedrooms, 1 bathroom, and large living room. It is about 1300 sq ft. It does not, however, have its own entrance. A couple rents the basement as a separate living area not shared with the rest of the house.I want to buy a house across the street as an investment property.QUESTION: In qualifying for the loan on the investment property, can I use any of the rents I collect in my primary residence either as income or to offset my housing expenses? (I have written leases with all my tenants.) If not, would it help if the basement had a separate entrance, thus making the house a proper duplex (the neighborhood is zoned for duplexes)? I could easily add such an entrance to the basement as it is garden-level, but I would prefer not to have to do that.
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No. I just started renting out about 4 months ago.
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