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Nosoup may be more up to date than this, but I checked into something like this a few years back, and if the premises are to be _primarily_ used as an income property -- even though you live there -- you may more easily be able to get a loan to purchase it than otherwise. Because the lender understands that your tenants will be making the payments for you, no matter what your other income.
The taxes are interesting, too. The fraction of the house you live in is counted as a residence, and your mortgage interest is tax deductible. The rest of the house counts as an income property, where every expense (mortgage, insurance, repairs, etc.) is balanced against income. _And_ you get to deduct depreciation as well.
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