Income Property: Lori

Claire and Ryan are high school sweethearts, now married and parents to a two-year-old son. They grew up in this suburban town and dreamed that one day they would raise their own family in their quiet neighborhood. Claire and Ryan decided to take the plunge and buy a home with a basement flat when a relative agreed to live there. This arrangement would help out a family member by asking a modest rent for a decent place and the income would make it possible for them to own a home. A few months in, their relative decided to move out and left the young couple high and dry with a mortgage they could no longer afford. Now they need to make some important changes to the suite so that they can turn it into a legal apartment in order to rent it to a non-family member and earn the income they need to make their monthly housing expenses.