Quote from @John Friendas: Hey,My investing partner and I have reached an agreement where he would have the debt under his name and apply for it individually, and I would do the majority of the management (he is out of state and my income is half his).

The purpose of “asset protection” trusts is to place assets beyond the reach of creditors who have claims against the individual who has “settled” that trust.  

This property is unique in that we can rent out the whole property or we can rent out the property by individual rooms because each room has its own bathroom and it runs as a bed and breakfast.

These were plats of subdivisions that were platted and recorded in the early 1900's but never developed and generally owned by one individual or company.

I screen individual dogs (of any breed) with an in-person evaluation before accepting their owners as my tenants.  

Quote from @Alan Asriants: There has been a growing trend recently of individuals looking to house hack single-family homes.

., while residing in Canada, then you would need to hold the assets in an incorporated entity.  

In California, a tenant is considered an “at will” tenant if ALL of the following conditions are met: (a) the individual occupies a property, or room within the property, with the owner, (b) there is no agreement for the occupancy to be for a specified period of time; AND (c) the individual occupying the property is not paying, and never has paid, any rent.

It recently dawned on me the idea of a non military affiliated individual assuming a VA loan, would this individual be able to then also gain the benefit of using an IRRRL since they have now acquired a VA loan through assumption?

Welcome to BP - I'm sure you'll learn a lot here and connect with other individuals who have the same interests!