Buying a property with two or three homes?

[Stacey]

I recently found a bit of property for sale in my area that has 3 homes in total on it with two being livable and one needing work. I am wondering what kind of investment turnover this kind of property can produce and what the laws are around it for renting the extra spaces out. If someone could afford the property tax, this seems like it could be a very good investment. You don't even need to drive to help with house maintenance for your tenants. 

[Lana]

Sounds promising. I say go for it. If you can live near your tenant as well, that helps a lot. But, you could also use the properties for something else. Maybe start a bar, and live in the house nearby. There's a lot of stuff you could do with a property like that. 

[James]

This is very common in some parts of the country where you have one plot with multiple homes. 

Here in our local area people have guest houses or casitas on their lots in their back yards.

The more doors you can get onto the land while still providing a decent way to live the more money you will be able to generate on that property per sqft of livable space. 

If its really shady or zoning did not allow for that kind of building it would likely be something to be avoided. If the zoning laws say its ok and the numbers make sense dive in and make it work.