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In my opionion an asset it something that either (in somewhat simplified terms):
1. generates positive cashflow
2. appreciates in value
So if you buy a car and lease it to someone for more than your costs, depreciation, etc, then in that case it's an asset...
Same with a house, if you buy a house and it appreciates more than all your costs, then it's an asset too... it's completely irrevelant if you live in there yourself or if you rent it out..
Real businessman are WAY past worrying about what is an asset or a liability, they worry about buying assets that have highest ROI...
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