My only add is to the replace your wife's income part. I

Looking for help and suggestions- I want to say I have learned my lesson and now know to use a third party to hold funds.This is my first time working with a private lender/family member.

Just about every time I have been privy to the details of a transaction where one of the parties is unrepresented and the other is, the unrepresented party gets the short end of the stick.

I've done a couple of direct loans, but for the most part, I work with a mortgage broker who brings deals to me.

The IRS views this as a related-party transaction, and deductions like rent paid to yourself wouldn’t qualify.

The owner, the lender or a third party? 

Instead, we provide comprehensive investor services—from onboarding and training through management—working with trusted third-party partners.

So, all parties over 18 need to sign the lease.If they are going to sign the lease, why wouldn't you screen them?

The requirement for a notary to oversee the property transaction further safeguards the investment process, providing both parties with legal protection.4.

Make sure to verify any information from a party that doesn't have any advantage of you getting their services before making a decision.