If you want a profitable business, then you better rent out your place.   You will never run out of potential tenants nowadays because people are looking for a place to rent rather than a place to buy. With the economic difficulties, not everybody can afford to own a house but sure, most can afford to rent a house or an apartment.   If you want to convert your place into an apartment, so you can lease it, then you are doing the best decision in life. You will not regret doing so especially if you manage to make a lucrative business out of it. Imagine, you only have to add extra rooms in your place and provide space for tenants to rent. Then, the accumulated rental income can be another source of capital in buying other properties which again you can lease.   As long as you master the principle of renting properties, you will be able to do good business out of it. All you have to do is to maintain your property so you will satisfy your tenants and provide them with a suitable place to live in. The return will be huge. You just have to find responsible and trustworthy tenants so you will not let your rental business down.