Our goal was to foreclose and sell off the land if it wasn’t redeemed.

Quote from @John Underwood: Very little.I also don't pay for any 3rd party apps.This is my goal. thank you for posting this 

What am I going to do if a guest uses too much energy... nothingThe goal is to run MTR for a few years and then convert to LTR.

Ultimately, good to hear from both sides (pros and cons)  It's not the right one for me and my goals-- but if it helps you get to the next stage, it might be the right one for you.

It started as a goal, turned into a rule, now it's a law I very happily live.

Note: Our initial goals are to wholesale to build immediate working capital (targeting $150k) and hold for cash-flow to build 10k/mo FCF (free cash-flow).We have made some cash buyer connections, identified and underwritten potential deals on hundreds of current deals, and developed professional relationships in our target community (cleaning, construction, governmental). 

Then you have someone who understands the investors goals well and the technical experts really working together effectively. 

I'm hoping to broaden my real estate literacy and savvy, as well as learn how to source, evaluate, and secure sponsors and deals that meet my financial goals.

Renovation costs would need to be financed separately.Private Lending or Hard Money: Use a private or hard money loan to acquire and rehab the property, then refinance into a joint long-term loan.Seller Financing: Negotiate terms directly with the seller for a flexible financing arrangement.Final ThoughtsUsing an FHA 203(k) loan for your first property is a smart move, and with the right partnership agreement, you can still achieve your 50/50 goals.

That’s the beauty of house hacking.. it’s a long-term play with massive upside.What to Look Out ForAnalyze the Numbers Thoroughly: With your goal of having the property cash flow once you move out, the key is to run your numbers with future rents in mind, not just what you’ll pay while living there.