Income property is any property where the owner is not living in it and is making money from it. A home that was once owner occupied can become an income property if the owner moves out and then turns a profit with it somehow. There are many different ways a property can become an income property. One of the most popular ways for a place to become what is considered an income property is for it to become a rental property. People, who are not listed on the deed, live in the home and pay a set amount of money each month to live there. Depending on the type of building and the location, it could also be rented out to a business. Of course, not all of the monies collected are profit. There could be liens against the income property and other expenses that bite away at the actual profit amount.
