@Rob K. gave you some great advice.We’ve been lending our own hard-earned money toward CA flips since 2010 and couldn’t be happier.

Assuming this is proper in your situation, with treatment of a tax partnership, reporting would be as such with a Form 1065 filed, claiming all rental income and expenses, and then issuance of a K-1. 

@Steve K. - Good info!  

To verify their ability to pay rent, you should collect bank statements, pay stubs, W-2s, tax returns, K-1s, 1099s, and any other income documents they can provide.

While it is true you could sleep 6 with a K and 2 Q's you can also only accommodate 3 single adults. 

Quote from @Steve K.: Quote from @Christine Shay: Quote from @Steve K.: I met with a PI recently to have him teach me various ways to tell if a Driver’s License is fake.

Quote from @Farooq K.: Stop watching YouTube gurus.

In a position when I had 55 k and to do a quick start, I would have partnered with a  high school friend, got a  DSCR loan with a LLC by pooling money together and have an exit strategy of a buyout after 3 years or so.

Quote from @Dale K Poyser: What tools do you use/recomment for1 - finding tenants (screening, renting, etc)2 - Managing vendors/work orders3 - Evicting tenants4 - Showing the property 

@Brandon Chung unless you stumble into a fantastic purchase opportunity, your best option would be to use an FHA 203(k) loan to purchase a 2-4 unit fixer upper.The 203(k) loan allows you to include repair funds in the purchase loan amount.Once you are all done with rehab and leasing out the units, you can refinance into a conforming FNMA type loan (can usually only have 1 FHA loan) and repeat.