Just make sure to run the numbers to ensure the rehab costs align with your cash flow goals for the rental.

But, know what you want to accomplish beforehand.Creative Finance is a great way to buy properties when done properly and lawfully. 

Give proper legal notice of non-renewal and get them both out.

Just ideas, talk to your CPA to make sure you are doing it properly. 

Work with a knowledgeable SDIRA custodian to ensure compliance with regulation.This post does not create a CPA-Client relationship.

I’m looking to ensure I structure things correctly and attract the right partners.

If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

If you learn how to use Hard Money loans properly and how to find good deals in need of rehab, there are plenty of areas of the country where you could buy 3-4 rent properties in solid middle class areas with good cashflow.

If you are looking for proper guidance from someone that has house hacked quite a few times and has the knowledge and experience to help get you going in the right direction, I recommend reaching out to @Josh Green.

@Jordan Miller - I think to give proper guidance it would be good to share more details on the revenues and expenses on the property.