Update....I just read that of we do break the lease after we are already living there and a new tenant is found and puts down a new deposit we are entitled to the deposit back minus any loss if income such as if there are several days the place in unoccupied to clean it ect. Is that correct? So if that is the case maybe we should just move in and continue to look for someone???... more
Very Interesting Question...
It all boils down to Zoning Laws in your area. Typically every section of land in a county is divided into "zones."
Each Zone has allowable uses. There are Industrial Zones, Retail Zones, Manufacturing Zones, and different types of Residential Zones.
If you were to rent a Industrial Property for Residential Use you could get into hot water with city zoning. You could be liable for fines and city zoning would put a quick stop to it. To change zoning is expensive and not always possible to do.
Residential & Commerical Real Estate... more