I am currently saving to purchase a 4 unit property using a FHA loan. To maximize income I would like to rent out all 4 units and build out a separate area in the basement for myself, to abide by the FHA loan requirements.
Do you’ll think this will cause problems with tenants requesting a storage area?
More importantly you have to see if you can legally turn this into a 5 family unit by creating another living space. Are ceilings high enough . Are there egress Windows in the bedroom . At least 2 exits etc . Building dept is the first place to start and then probably zoning . What are the codes in the area? Fha will go by that
Marilyn is right-worry about whether you can covert it to living space. As for tenants using the basement for storage, that can lead to other problems.