Any property, including land, which earns you money

Renting out a home that is not your primary residence is one way to use property to make money. Other examples of income property are: vineyards that grow grapes to make wine, parking lots with hourly fees and gas stations. An income property, like an apartment building with more than 4 living units, is normally appraised, mortgaged and taxed differently than a primary, owner-occupied residence.

See: Investment property