<p>My wife’s uncle recently passed away, leaving us his apartment house in a nearby city, Somerville. The market value is $300,000. The mortage is $110,000. We have 3 tenants, one on each floor. They respectively pay a rent of $1,550 a month for the first floor, $950 for the second floor, and $800 for the third floor. The taxes on it are $4,500. Water costs $1,200 a year. This coming year, we have to make $30,000 worth of repairs.</p>
<p>The market value of the house we live in is $300,000 with a mortgage of $80,000. Our home equity is $220,000.00 </p>
<p>We have $50,000 in savings, and $2,000 in our bank accounts.</p>
<p>We make a gross income of $53,000. I work, but I am a disabled veteran and cannot get the overtime I used to. My wife is a homemaker to raise our children as my hours are varied and spontaneous when I am on call. We have two children, one of whom is entering college this year.</p>
<p>Can we qualify as a small business? I researched this (on [FinAid</a> | Financial Aid Applications | Small Business Exclusion](<a href=“http://www.finaid.org/fafsa/smallbusiness.phtml]FinAid”>http://www.finaid.org/fafsa/smallbusiness.phtml)), and we do not offer maid/linen services, but I wonder if that information was out of date, or if there was more that we could do. Due to the acquirement of this house, our EFC was very substantial (30000) when we filed for the FAFSA this week. </p>
<p>What should we do in our case? Can we use the Small Business/Farm Supplement?</p>