Analyzing Multifamily properties - Living in one, rent out the others

[Mike DeLeo]

Morning BP Community,

I am on the hunt for my first multifamily property deal, I want to get an FHA to finance the property, live in one unit and rent out the other(s).

As I am analyzing figures for all different properties here is the question I have:

When calculating the income for a MF property, for example a duplex where I will live in one unit and rent out the other, does it make sense in my analysis to include the income from both units as part of the property's income? Or should I only include the unit that will be rented?

My gut feeling is to count the income for both units, but I want to get some feedback from BP. What do you guys think?

Thanks,

Mike