Rent out part of your own home (basement suite, in-law suite)

You live in your home and rent out part of it, like a basement suite or an in-law suite. Wealthru handles this as one property with mixed use: you keep living in the main home, and the rented part becomes a unit with its own tenant, lease, and rent.

You do not need to describe your house as a multiplex to do this.

Set it up

1. Go to Portfolio, then Properties, then New property.
2. For What do you own, pick A house (or a condo or townhouse if that is what it is). Choose the kind of house. This is your real property type, so leave it accurate.
3. Fill in the address.
4. For How is this property used, choose Mixed use (rental + owner). This is the setting that tells Wealthru part of the property is rented.
5. Save the property.

Add the rented part

1. Open the property and go to the Units tab.
2. Under Add a unit, give the rented part a name your tenant would recognise, like Basement Suite or Garden Suite.
3. Add beds, baths, and size if you know them. You can leave them blank.
4. Choose Add unit.

Only add a unit for the part you rent out. The part you live in is not a unit and does not need one.

Add the tenant and the rent

1. Go to Tenants, then New tenant and add the person renting from you.
2. Go to the property, then Units, and create a lease against the suite you added.
3. Rent, the due day, and the deposit all work exactly as they do for any other tenancy.

From here the suite behaves like any other rental. You can post rent, record payments, take maintenance requests, and invite the tenant to their own portal.

What mixed use changes

Choosing Mixed use turns on the rental side of Wealthru for this property, so you get units, leases, rent, and tenant messaging. It also keeps the property in your portfolio and net worth, because you still own and live in it.

If you choose Primary residence instead, Wealthru treats the whole property as your home and hides the rental tools, so there is nowhere to put the suite. You can change the use later on the property's own page if you picked the wrong one.

Tax note

Renting part of your home has tax consequences, including how you split expenses between personal and rental use, and what happens to your principal residence exemption when you sell. Wealthru is tooling, not tax advice. Talk to an accountant about your own situation.