Landlord pricing question

Q: How much can I legally charge a renter above the amount of my mortgage for living in a house that I am purchasing?

.

A: To my knowledge, there is no maximum you can charge for rent - only market price (what a tenant is willing to pay & you accept) & the competition you have in competing for tenants ( avacant unit for several months can do more damage than just loss of income / cash flow!). There might be restrictions on some other things, like security deposit. In Michigan, you can only
charge 1 & 1/2 month rent for a security deposit (with some exceptions). Another restriction could be contained in the language of your mortgage. Read it over carefully to see if they require you to occupy, maintain the property - or both. For any legal issues you might wonder about, I recommend you contact a real estate attorney.