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[quote=Anonymous]We rent our basemant and have been doing it for the past 5 years. Our reason to do so are a bit similar to yours. We become parents and wanted some financial room so that iI could be with our baby. Then my husband decided to go back and finish his Phd and I started to work PT. We couln't have enjoyed living in a house without the sacrifice of sharing it with someone. Look for a house that has a basemant that is totally separate from the house with its own kitchen and bathroom. We share the loundry and it hasn't been a problem.
Noise became a minor issue in both ways when our toddler started to walk and when we move his room to a larger room right above the sleeping quarters of our tenant. The tenant wiould have loud and exubrant phone conversations or decide to watch an action movie right at the time when I was about to put baby to sleep. I think thay laying out this kind of situations from the beginning will help. 
We have had 3 tenants so far and the 2 latest one came knowing and understanding that we had a young child. It changes matters when your family and the tenant have different schedules.
Is it ideal? No, but it is doable. we are entering our 6th year or being landloards and I am looking forward to my husband finishing his PhD soon so we do not have to continue renting the basement anymore. 
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