So I'd just make sure you have good checks and balances and reporting setup. 

Liabilities and Credit Reports: If the wife’s name is not on the loan, she will not have direct liability for the HELOC on her credit report.

Padsplit is a topic of discussion also (STR room rentals), but I think LTR's are a little more consistent with income and a bit less work.

Tenant shall be responsible for any property damage caused by failing to maintain utilities or report utility problems in a timely manner.Tenant Utilities: ______________________________________________________________Pass-through Utilities: _________________________________________________________Utilities included with rent: ____________________________________________________Propane: If applicable, Tenant shall return the propane tank level to at least _______% upon termination.

Been using them for a couple of years now and still provides consistent results.

This really means, what tax return reports the activity of the property.

The trade-offs are real, but for consistent cash flow and the right landlord, it can be an excellent strategy.What’s the best way to start?

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

Totally agree, they are terrible.I will be reporting them to the governing department.Feel free to reach out and compare notes.

However, you’ll need to handle all the paperwork, figure out which forms to file, and stay on top of compliance requirements like annual reports.