I am finding tenants through Facebook Marketplace, the town has a shipyard and there are lot of people that come work for a few weeks/months at a time so this is a good option for them!

I’m new to all of this and looking at 401k loans and HELOC as options.

.- If you build a good/great portfolio, you will have multiple exit options you can evaluate annually or whenever.3) Don't overleverage beyond your risk tolerence.

Reaching out to the community to make sure I'm not off base here to immediately think to decline this offer.  

I am currently based in Canada and am looking to embark on my real estate investment journey in the United States, specifically focusing on multifamily properties. 

If they try to pay their labor as 1099 they run at great risk of violating a host of draconian labor laws such as AB5, the borello law and a litany of "misclassification" laws.There are substantial differences in how "right to work" statstate as operate as opposed to "non right to work" states.SBA defines a small business based on employees and revenue size.

There are way better people to talk to that are based out of here and know the market like the back of their hand. 

Real estate is so localized that most federal based policy changes don't have massive influence.I can see him (semi-)privatizing Freddie/Fannie.

Reach out to a loan broker with your exact info and the exact or at least type of property you want to buy and they should have options and opinions. 

Okay, I think co-signing could potentially be an option in the future.