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.

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. 

I recommend browsing Airbnb in your target zip codes to see what’s trending on the front page—this can give you valuable insights into what’s working well.

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

Only one problem.. my credit score is very low, and my mother is going through a Chapter 13 bankruptcy which worries me if she ends up attempting to co-sign on my future property.

This has the obvious weakness of the unknown nature of future cap rates, but that's really the heart of your question here.Estimating future cap rate is part art, part science. 

Thanks Eric, yes I have thought about it, but after talking it through with the wife she and I agree that BRRRR is going to be our method to our future success.

My goal is to generate more expenses on paper with the rental to reduce the taxable income for future years. 

Im also interested in buying properties, improving them, and refinancing to pull out equity for future investments.I know the market is tough right now, especially in places like Las Vegas where I live, but I want to figure out the smartest way to get started.

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