“How” they live together is more involved.

I was never involved with the selection process. 

To achieve REPS status you need to be actively involved in your rentals.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I’ve been involved in real estate investing for over 30 years, so if you ever have any questions or need guidance, feel free to reach out.

If your aunt isn't in a big rush, another option may be (I'm not familiar with TX law):- Pay your aunt for a Right of First Refusal (means you get a chance to buy it before anyone, but has to be notarized by you and your aunt and filed at the courthouse)- Sell your house on or off market.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

If anyone files for Florida it is 10 times more confusing than Tennessee. 

And while I agree that debt is often the cheapest form of capital, if you are looking at a project that involves some form of value-add business plan, you can always refi either when rates come down or you have increased the yield on the asset to exceed your interest rate.But like Stuart noted, for many groups, even the most seasoned syndicators, raising call cash for their deals is effectively impossible.  

Without going into too much detail, my current situation stems from selling a previous company via partial owner financing, only for the new owner to default on the purchase, leaving me in this position.For traditional financing, I understand I’ll need at least one, if not two, years of solid credit history, tax filings, and other financial documentation.