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Updated over 7 years ago on . Most recent reply

Can I count income from my boarding house for my next purchase?
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The real answer is it depends, if the underwriter does not see any rental income on your tax returns because you havent claimed any for the last 2 years as inferred above then they will ask for your lease agreement to use 75% of rental income - PITIA.
when you show them that you're renting it out to short term boarders or roomates, the UW will want to see a long term or official lease agreement. If its Air Bnb income or rehab center (AKA an operating business) then no you will not be able to use the income unless you have this on your tax returns for 2+ years (some cases you can use 1 year tax return but need proof your business has existed for 2+ years).
The most solid path is you draw up a long term lease agreement and get it executed, then yes you can use rents right away with no rental landlord experience.