1. Your income property should meet your own standards. Tenants won't settle for less than you would. Fix the place up so you can charge more and attract better tenants.
2. Don't skimp on the drywall, especially on the ceiling. Not only as a fire barrier between you and your housemates, but also as an extra layer of sound-proofing.
3. When renovating your space, add 25% over a professionally quoted budget. If you do go over, at least you were expecting it. If not, nothing lost.
4. Look for an income property that's close to home, ideally within an hour's drive of where you live. It has to be convenient for you to check up on and manage.
5. Beware, houses are like onions. The more layers you peel back, especially while demolishing, the more problems you're likely to find. Count on hidden issues like mould, live wires and any other hidden costs, just in case
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