At some point in the future, either on policy renewal, or when the existing first mortgage is paid off or refinanced, the wrap buyer can get their own carrier and policy to replace your existing one, if they prefer. 

Goal is to provide him with monthly cash and for me to slowly build equity in the home for use as a rental and/or second home in the future.

You get the benefits of real estate without the headaches of mortgages, rehabs, or tenants.𝗧𝗵𝗲 𝗖𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝘃𝗲 𝗔𝘀𝘀𝗶𝗴𝗻𝗺𝗲𝗻𝘁 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 is a unique way to raise cash by helping sellers secure a tenant-buyer who wants to own the home in the near future.

In that case, using the cost segregation study this year might not be necessary because the extra depreciation would just increase your loss, which you might not be able to fully use right now.However, you have two options:Use the Cost Segregation Now: This would increase your loss this year, and you could carry forward the unused loss to offset future rental income.

We look forward to helping you continue your REI journey in the future!

- Somebody else in the future could find the sofa bed not that comfortable too and "confirm" that review, which make things even worse.Thank you so much!

FHA Loan (Best for House Hacking) 🏡✔ 3.5% down option (keeps more cash for reserves)✔ Must live in one unit for at least 1 year✔ Mortgage insurance increases costs✔ Good for maximizing leverage if you want to save cash for future investments3.

Or if they want a high-interest rate, and your numbers will not work at that interest rate, or if they really want a crazy high price where it will be difficult to cash flow and refinance in the future.

Also you get a down payment(Option fee), monthly payment(rent) and a lump sum in the future 3,5,7 years. 

I see you just bought the property so it might be still early to change paths to a traditional LLC and avoid these future issues.