There must be some mechanism for selecting a president or for making decisions.

That is a deal-killer for some groups and others will cut back leverage, so be prepared that way2) Make sure it is with a lender that is licensed in ID, it has some different rules up there so confirming ahead of time would be good.3) Include those monthly escrows into your monthly expense calculation, DSCR lenders do, so make sure you are on the same page4) With that, make sure that the lender you work with will go down to 1.0 on their DSCR if it is going to be tight.Good luck in your decision!

I will give this some more thought before making a decision.

If we use an example of a $1 million gain, and assuming the seller is married and hence qualifies for the $500k exemption, then the effective rate is 1/2, so around 8.5% plus ossibly another 3.8% or 12.3% effective rate exclusive of the subjects decision to live in a high tax state. 

The decision making process is in the front end of things but after the set becomes easier.

Just started using https://www.turbotenant.com/ it gives you a focal point to house documents, gives you a credit report and some other things but it's still your decision to make with the collected information. 

As @Ke Nan Wang said you have to hire an architect to make these decisions for you.On my projects I will compile like 5-10 inspiration photos based on projects I've done in the past, comps, and photos I find online, then I'll present those to the draftsman/architect.

Thanks Jaron, we are very split on this decision but I am leaning towards your approach. 

It is not ideal rushing into an investment but it could turn out to be a great decision.  

@Shayan Sameer Hey, you’ve got some serious decisions to make.