I was wondering if any of you more seasoned individuals had any tips/tricks for a newer guy like myself.

This property also plays a strategic role in the broader development project for the area, which includes 12 patio homes and two duplexes.

And we are flirting with exactly that, we see it playing out in actions.

These are some options that I am considering. 1) Getting an LLC and a Joint Venture agreement to partner with a long time friend of mine but somehow separate our business from our individual marriages?

@Catherine Curtsinger To play a little devil’s advocate I have been house hacking for 30 years.

George, Utah by researching local properties, considering FHA loans, and renting out individual rooms.

Since each of your LLCs owns 50% of the holding company, but the holding company doesn’t own your individual LLCs, the IRS will likely treat your LLCs as separate, single-member LLCs for tax purposes.

What incentive is there for them to perform well on the deal if they have already made 18k off of you and it is only your money at play. 

Quote from @Sebastian Bennett: It's funny because I actually had a dream of setting these up and seeing how this would play out lol

Their goals and upcoming upcoming purchases may come into play.