Again, I recommend you retain professional assistance if you are not comfortable with the tax reporting obligations and tax treatment.Best of luck.

The list pulling aspect wasn't as appealing as I was comfortable with my current methods of pulling lists. 

So we can live VERY comfortably on $80k/yr.

If you're not comfortable with his terms you're under no obligation to use him. 

It's really going to depend on what your wants, needs and desires are with the property and what level of comfort you have with being remote with respect to the different variables necessary to run a successful VR.  

This will be hard if he intends to keep the property as he will not want to pay you full market price.The main point is that you need to make sure that both sides are comfortable with the arrangement up front. 

I have gotten room by room leases to be used in this case but underwriters are not used to it so it does take letters of explanation to get them comfortable. 

Here are some questions that I needed to answer to make sure I am comfortable with any condo investment.Does the building allow owners to rent out?

One property is a condo (in CA) that I rent out, and the other property is a house (in NV) that I live in and rent out the other rooms.I quit my W2 job last year to start a business, which is slightly profitable today, but I reinvest everything back into the business.I have a bunch of cash saved up and am comfortable deploying $100K into another property in Las Vegas ($80K down payment + $10K furnishing + $10K margin).The only problem is that I’m not sure how to finance my next house without W2 income.I talked to a few lenders about DSCR loans, and most say they calculate rental income based on the entire house, instead of by the room.I would love to get the creative knowledge of the BP community on how to fund my next home 🙏🏼I'm also open to any lender referrals 😊

You'd have to decide if this can be done in your market or if out of state is a better option and if you are comfortable with that.