I am here to create a business strategy that protects personal and business investments and mitigates risk,  procure a coach or mentor, and set up tax strategies to create long-term wealth for myself and my family. 

With that said, the income can still offset the cost of holding the property as a long-term investment.

If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

As long  the tenants pay the rent each month, increasing their rent will be very tough and getting them to leave will be extremely tough. 

Overcoming Common Financing HurdlesMortgage brokers excel at tackling challenges that often derail new investors:Low Down Payments: Brokers can find lenders offering low or no-down-payment loans, ideal for new investors with limited capital.Complex Income Streams: If you’re self-employed or have variable income, brokers can identify lenders that accept alternative documentation.Competitive Rates: Brokers have the leverage to negotiate better rates and fees, saving you thousands over the life of your loan.Pro Tip: Communicate your investment goals clearly with your broker so they can tailor their search to your needs, whether it’s a short-term fix-and-flip loan or a long-term rental property mortgage.3.

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.

Not blowing off their communications and things like that go a long way.

The pocket thing seems nice as long as you could control who moves in and who does not move in. 

Perhaps the only homes that will last that long are the reinforced concrete structures that David mentioned.

There are many reasons why I haven't pursued the arbitrage model, but mainly that it takes too long for the ROI after investing all your time and effort into buying furniture and renting and paying utilities.Let's say you rent an apartment for $1500 and you spend $7000 to furnished it.