Lease Agreement: Use a compliant, detailed lease covering rent, rules, and responsibilities.2.

Mostly worried that even if I find a place and the money, that I'll be making a big financial mistake and have little left to cover unexpected costs.

If they can make enough just to cover mortgages, with the high appreciation of the properties, it's a great investment.

Would recommend documentation to make sure you’re covered if you have to go to court to evict.

I’m collaborating with an investor who can help cover the remaining balance, but since the property isn’t in the best shape, and maybe fairly priced, but I’m evaluating how much room I might have to negotiate.

Violating these rules can lead to severe IRS penalties, including disqualification of the tax-advantaged status of your retirement account.Each self-directed retirement account must have sufficient funds to cover all property-related expenses, as you cannot personally pay these expenses.

You will need to completely cover all new flooring for protection as well. 

The idea is to purchase a single-family residence where they would help cover the mortgage, or at least reduce my monthly payments.I’d love to hear from anyone who has experience with house hacking!

The other thing that you can do is find a HML who will allow the seller to cover the down payment then seller finance the downpayment.

Set small goals and leverage rent to cover costs.