It’s a single family house that I bought for $160k.

I've been through situations like this.Hopefully the family pays rent and this becomes a non-issue.If they don't pay the rent, you need to be understanding and kind, but firm.  

A4: If you pay as “friends and family” – then yes, need 1099s.Q5: I only need to send 1099s to people, not to LLCs, right?

Many Realtors will suggest purchasing a property using a FHA Loan, to reduce your out of pocket money.

@Jonathan Small government actions have led to an unprecedented 40% increase in the money supply, 50-year record inflation, record increase in interest rates, bank failures, credit tightening, CRE recession, housing affordability issues, mobility issues, inventory issues, and massive impacts to the world economies, every investment class, and our families, kids, and friends like never before. 

* Is this a single-family property or a duplex?

I have family in Kansas City, MO area so I thought that would be a good place to start since I could visit properties while visiting family.

My family has been active in the Las Vegas real estate market since 1989 working mainly in single family rentals. 

Small investor, looking to purchase one to two single family homes per year over the next 7-10 years? 

Investment Info:Single-family residence fix & flip investment.