I am looking into buying a rental property in the Boston area (it does not need to actually be in Boston) but I want to be able to rent to students and young professionals, as I plan to do a micro-unit, coliving type arrangement, and they will be my target market.

Originally posted by @Abel Lopez:@Dennis M.Haha yes that's exactly why I was asking would it be worth re negotiating the deal to better terms if so what would you ask for in this type of deal Doesn’t hurt to ask .. if you could get in at the right terms you could have a decent little arrangement.

If you want to keep the home, you need to either work out an arrangement with the mortgagor or refinance the loan.

As far as your loan options, discuss that "Solely" with a Lender, as they will address all of the requirements including your self employment status and your current lease arrangement and how they affect qualifying for a loan. 

That attorney can make sure your interests are represented and that you're getting the arrangement you really want.

And this depends on who arrange financing if any.

I'd be happy to arrange it.

I’m newly licensed so I’m looking for a broker that I can arrange a mutually beneficial arrangement with for me to do deals under.

Loans do tend not to happen by accident under tax law - the courts like to see notes, collateral, and a list of other "bank-like" arrangements for a vague transaction to be viewed as a loan.Contribution via a personal credit card buying something for the IRA.....muddies things up a bit. 

Is an LLC overkill for this type of arrangement?