A residential, commercial, or industrial real estate property that isbought or possessed chiefly for the profit it will realize.Foreclosed properties are an excellent way to buy an income property.These inexpensive real estate properties can be used for residential, industrial, commercial purposes to make money.
Property that produces income from residential or commercial rentals and profits attributable to real estate other than rent. Residential or commercial property that produces income and profits in ways other than rents.
Any property, including land, which earns you money. Renting out a home that is not your primary residence is one way to use property to make money. Other examples of income property are: vineyards that grow grapes to make wine, parking lots with hourly fees and gas stations. An income property, like an apartment building with more than 4 living units, is normally appraised, mortgaged and taxed differently than a primary, owner-occupied residence.
Real estate bought specifically to generate income. The property may be bought by individuals, corporations or income limited partnership. When selling the property, the owners also hope to sell at a profit. See: Income Limitied Partnership; Limited Partnership