Hi Ben, doing this for 20 years, I’d say if you move forward, refinance your two rentals to the max they can handle under a stress test for mortgage payments.

My attorney told me there's some question whether contracts are actually copyrightable, but it doesn't seem worth it to test it.

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As you speak with prospective guests, just ask them and do some QA testing.

Of course, nobody wants to be the test case, but I've never heard of IRS treating money from a loan as income, ever.I think you would be better off with a long closing date on the purchase and sell your exchange property fast so you can do a conventional 1031, receive conventional financing with one set of start up fees/costs, etc.

Purchased a test pilot home for shared housing. 

I invested $1,000 to test it out and get $10/month in distributions.  

I have tested it in the past and find that it is way off (usually on the low side) for me.  

Must meet self sufficiency test for 3-4 units on FHA though, which alot of properties in higher cost areas do not meet.Conventional allows 5% down on 2-4 units.

This helps you identify which factors drive the best returns and make confident, informed decisions.It’s also important to test your numbers with scenarios like higher vacancies, unexpected expenses, interest rate changes, or rent adjustments over the years.