If it is legal, it can be very valuable, especially when housing supply is tight. If you are on the edge of qualifying, it may help you qualify. However, it depends on your lender. Some lenders may only count part of the rental income, or none of it, in qualifying you for a loan. If the unit is not legal, which is the case with most in-law units, most lenders will not consider rental income in qualifying you for a loan.

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