*All posts on this forum are for general educational purposes only and should not be taken as comprehensive legal advice.

Prices in SLC and provo have risen so quickly and the yields just aren't too exciting. 

For clarification, Fannie Mae and Freddie Mac aren't lenders, so you won't be dealing directly with them.2. 

I can tell you that they are not where there are at today because their investors aren't making money on their deals. 

There aren't a ton of carriers that have jumped on board in writing STR.Not 100% sure the carriers in your specific state, but I know that Proper will write in all 50 states. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

At that time we could renovate the ground floor apartment and potentially turn it into (2) apartments for a total of (5).My questions come down to how do we deal with the existing 40k mortgage, whether we can make it work so her parents aren't paying much in rent, if anything at all, and whether or not we set up any legal entity, like a trust to help the legal situation of paying off her sister down the road. 

You also pay less in closing costs overall since you aren't paying lender fees on the purchase loan.  

But I think any experienced investor would agree that if you aren't doing value-add when it comes to real estate investing, you aren't actually investing.

PPSF quoting will not give you the true info you need to make an educated decision.