However, if you ever want to replace that home, you'll have to move it off his lot.I would consider appraising the vacant land and trying to cut a deal that's fair.

If the issue is no direct fault of the tenant then I do not think it is fair to charge the tenant anything.

I am fairly new to investing and my wife and I are looking at buying our second property.  

The FHA househack strategy is fairly common and pretty straight forward, a lot of people have been using this and/or the conventional househack (myself included) so have been on both sides of the table. 

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

If you are just starting, I would think on a leveraged purchase, $200 a month in todays market, that is assuming the home is fully renovated and capex items are fairly new.

My understanding of CA LLC's is that they are very high cost to start and maintain. 

To thrive in real estate investing, you must maintain a firm grip on your finances.

As long as you treat things with a level of fairness it will work out. 

., cost segregation studies), carrying forward 2024 losses, and accelerating deductible expenses to reduce taxable income.Shift to Passive Investments: If management has become burdensome, hire a property manager or transition equity into more passive assets like turnkey properties, syndications, or REITs to reduce workload while maintaining income potential.Expand or Reinvest: Use your equity to acquire new cash flow-positive properties in markets with strong fundamentals, focusing on diversification and long-term stability.By refinancing, selling underperformers, or paying down debt, you can improve liquidity and cash flow.