We are looking at maybe buying another property. Ideally we would rather rent that one out but the banks have said they will lend the money as long as we live in that house and rent out the one we are in.
Im wondering what the benefits are in having a rental. How exactly does it benefit at tax time. What do we need to be careful of Etc.. We will be going shares with mil as she is already on the existing loan and without her income we wouldn't stand a chance on paper. It's a means to an end and one we have been doing reasonably OK with so far (even if it has been testing at times and I have done my fair share of complaining about).