Of course you would have to get architectural review approval for the building part of your question. I know of some in The Villages who rent rooms in the houses they live in for extra income.
There are other considerations too. The property tax would increase. You would be required to collect and pay extra taxes on the rental incomes. There is also the extra homeowner insurance cost. Lastly, remember that all tenants are not nice people and they may bring legal baggage you do not want to deal with.
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