I am thinking about buying a mansion in either Miami or Southern Cali. I want to buy it and rent it out to 3 or so roommates with me living in it as well. Has anyone ever done anything like this? My hope is to basically live in the mansion for free for a few years "roommate will pay rent covering all or most of the mortgage" then sell it. I did this on a smaller scale in college and it worked out great. But a 1.5 million dollar house is a much bigger cost and risk if I was to have a vacancy for any extended period of time.
Also to be clear I have plenty money for the down payment and all of that and could cover several months of vacancy in the house if such an event occurred "hopefully it wouldn't". Can anyone give me any insight on this or have any of you done something like this b4.
Read more: Buying and renting a mansion?
