turning my home into an income property?
i posted about this over on the buying and selling forum,,but this may be a better place to learn about this subject.
i have a ton of equity in my home,which has a basement apartment that already pays half of the monthly mortgage,taxes and insurance. i no longer wish to live in the house and could easily rent out the main house plus the apartment for way more than the monthy nut.
but,,i've been a stay at home mom for most of my life and therefore do not qualify for a standard loan with which to purchase my new home. so--how do i turn my home into a business from which i can create tax returns and borrow against for my new home? yes,,i know a lawyer will give me the specifics,,but i'd like to be armed with as much info as possible when i get there.