No doubt having a license and actively investing creates a lot of synergy.

In the event that he moves out in a few years, I would turn the unit into a rental.Questions:1) Since I will be renting to a family member, do I still need to create an LLC?   

Consulting a real estate CPA and an asset protection attorney is recommended to determine the best approach.This post does not create a CPA-Client relationship.

You should have, or you should create an amortization table that shows the actual interest paid on the $650k mortgage for the first 6 months while you lived there.

It’s great that you’ve already identified zip codes like 73128, 73170, and 73135; they all have unique advantages worth exploring.I agree with the earlier response—73170 and 73135 are solid picks.

Once you move in, refinancing into a lower-rate owner-occupied loan could be beneficial, but again, your 1099 income history will play a role.Lender-Specific Guidelines – Some lenders might have clauses about intent to occupy, so make sure there’s nothing in your loan docs that could create an issue down the road.

I personally am interested in creating a long-term rental portfolio but I'd be interested in hearing any strategy, ie. house flipping, short term rentals etc.

Real feedback of struggles or topics people want to dive in further helps us create the content that truly inspires and educates our community.Mine is definitely finding the right deal that fits my buy box lately.

It takes a lot of planning and hands-on dedication to create real profit. 

I do outsource my Taxes, but I meant having a Real Estate Tax Accountant or a CPA who I chat with to help create me a long term strategy.