Also we aren't sure if we are prepared to turn the whole house into a rental yet.

And I realize this is not a new topic... but sometimes hearing it a different way helps.My advise to those planning on having more than one business venture in real estate is to set up a separate LLC from everything else just for rentals. 

You also should prepare yourself (financially and otherwise) for this tenant to holdover at the end of the term.

A 4 bedroom unit would be in the $100K range.This means I'm looking for older homes in the older parts of the city.The buildings may be more rundown and need some extra maintenance but it makes it easier for me to get cashflow out of them.Your approach should always be to find deals, offer 15-20% under asking price, be prepared to negotiate, and lean on your team of experts for the heavy lifting. 

Not just friendly but one who prepares them to run your processes with clear expectations and benchmarks for success.

What was your experience before and after venturing into world of real estate investing?

I have friends hitting good metrics doing it just be prepared to do a lot of hand holding. 

How much time have you spent on preparing a bullet proof lease, with every rule pertaining to your property imaginable?

BP,We (father and son venture) are looking to put together a fund for investors… family and friends to begin… this is not a pitch I promise.

Like a Joint Venture in an LLC .