I would really enjoy learning from others investing in this region and hearing your experiences with Prop Mgrs, Contractors and Rental income. 

I enjoyed it but felt it was overkill for underwriting.

I would use that experience and take the first step into purchasing your first property.

You'll have less drama and be able to enjoy living together as friends.How to charge rent?

Currently working on a couple small deals myself and would be happy to share experiences if you're ever interested.

What Bill says about putting the note into the 1031 exchange and then swapping it for cash during the exchange period will let you enjoy complete deferral of the tax in the 1031 exchange. 

Here's my 2 cents from my experience but i'm not an attorney or CPA so it would be good to ask one :)1.

Not looking for concessions here just seeing if anyone has experience in that field.

So, I think many investors know enough about the possible issues from their own experience to do some research themselves and then understand the possible risks and are prepared to deal with them.

Since i paid cash for new michigan home i can use it to finance the future MI rental home and pay it right back off again in 2-5 yrs if i need to,  Im going to try to not do that.I had come up with this plan all on my own but had no real idea of how to execute it and i had ZERO practical experience.