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Account Closed
  • Senior Physical Security Specialist
  • Woodbridge, VA
2
Votes |
8
Posts

VA Home Loan Financing and Renting

Account Closed
  • Senior Physical Security Specialist
  • Woodbridge, VA
Posted Nov 2 2016, 10:14

I am familiar with the requirement if I use the VA home loan that I have to occupy at least 25% of the property. However, is anyone familiar with if I wanted to convert a basement into a living area and rent it out how this can be accomplished as a "business" versus me just trying to make side money? I am looking to purchase a house or townhouse in the Denver area (probably Lakewood or Arvada region). There is a good demand in the area for rentals and I have been doing as much research as possible to find reasonable rental price. Obviously, the perk of using the VA home loan is the initial 0% down but I wanted to get some advice on how to accomplish turning it into a legit business and not get hammered when it comes to taxes or legalities. Any advice would be appreciated!

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