Is the unit legal?
Ask for proof that the second unit was permitted and inspected. An unpermitted unit may need fire separation, egress windows, electrical work and more before it can be rented legally. Contact the city's building department with the address.
What are the tenancies?
Get copies of the leases, rent amounts, deposits held and any notices. Tenancies carry over to the new owner.
Run the numbers carefully
Include vacancy, maintenance, insurance, utilities you pay and a reserve for big items like the roof and furnace. Talk to your lender about how they treat rental income.
Inspect for the big items
Older Hamilton homes can have knob and tube wiring, galvanized plumbing, or wet basements. A good inspector will flag them.
This guide is general information, not legal, tax or financial advice. Rules change, so confirm details with the right professional.