Everything would be in your name and he would be at risk possibly even with a legal agreement.  

In fact, there may be other home service opportunities with quicker growth potential worth considering.Additionally, be aware that in Texas you’ll need a broker’s license, not just a real estate license, to operate a property management business.

I'm looking into possibly doing a 1031 or reverse 1031, have kind of identified potential markets. 

Less risks of significant cash outlays and/or collections defaults.

However, if the beneficial owner does not update thier FincenID the entity is the one at risk of being fined, not the errant FincenID holder.

If a variance is needed, they're estimating 3-6 months, up to a year potentially. 

That includes going to the bank and getting a cashiers check.Pay them at the bank, get deed notarized there, then take it to Register of Deeds and file deed.I have done this a half dozen times to keep from missing out on a great deal.For what I'm paying any risk is negligible.  

Your NOI, revenue, location, risk for the business, assets (land and infrastructure mainly), equipment (yurts would be considered business equipment), and more all play a factor.

@Brock Bernall As a rookie House hacking is the best for getting started has the lowest risk and best profit for a low down payment option.

Also, if I do need to request it, is there a risk that it would get rejected for reasons other than the place being unfit for it?