I am looking to join a mentorship program to help lower my learning curve and until I find it, I am educating myself with books, as well as YouTube University and great advice from the BiggerPockets community.I do work full-time in a career that I love and is very rewarding, but I also know I won't attain my goals with my current job.

The rules are pretty complicated and the only people who really know all the terms and rules thoroughly are the Rent Levelling Board.Caveating that I’m not an attorney so go seek your own advice but I clarified a few things at a recent rent levelling hearing (which are open to the public and you can find the schedules with a simple Google).

And don’t sleep on local banks or credit unions—they sometimes offer flexible portfolio loans that could work for a deal like this.Since your wife qualifies as a first-time homebuyer, check out any state-specific programs or HUD options for down payment assistance.

The 25% has to be your funds.Now, there are non conventional options that would be a bit more flexible but even most of those programs will require at least 20% down with no second mortgages filed on the property. 

Problem is it doesn’t exist as a “public” offering.  

The LP got it from a friend who is in some kind of real estate mentoring program.

By doing this we qualified for a larger mortgage because we could use the rent from the other tenant to qualify and there are better lending programs when it’s “owner occupied”.  

Some programs will do the full LTV that a long term rental would have and some lenders will reduce the LTV by 5%.

Each change took a meeting, then two different public hearings, then a Board approval meeting. 

Always ask tenants to check to make sure it is locked.Another disadvantage is that you have to change the batteries regularly.Another disadvantage is you have to spend quite some time programming the locks and tracking the code3.