I like your lesson learned, but would just caution you to still watch tightly.

I would sit tight and save some more.

He will be totally hands off and only role is to provide money.My goal is cash flow and another investment(same as my father).I have limited free cash on a tight budget but have access to a heloc loan for expenses if needed.

Because I'm not an accountant or versed in tax code and law wouldn't I want a CPA to ensure everything is legally tight and as advantageous as it can be? 

The fact that you’re leveraging your background in property management and deal analysis is huge, especially in a city where margins can be tight, but the upside is massive. 

So we either sit tight or we don’t renew the tenant so that we can place a new tenant at current rates.  

I'll have to try and find a CPA that will address the deadline.

They only other thing I would mention is that correspondent lending can be hard to turn off and on if liquidity gets tight without hurting the relationship.

Of course, you can do this in a stand-alone rental, but numbers are incredibly tight for house hackers now, so I thought it would be better served in this forum.Let's take a four-family where you house hack one of the units:1.

Simultaneously, you're managing applicants and tenants, who are often working within tight timelines to secure or renew leases.