@Amir PortalRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

For the lease, can you list the girlfriend as an occupant rather than a co-tenant since she won’t be a financially responsible party?

@Tove Fox hope you find this copy & paste useful:)-------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

However, you may be able to get the property at a discount, step in, and solve the problem.

It's an exciting journey that can offer both financial rewards and personal satisfaction.

Gotta know the question before you try to solve the problem. 

I recommend before spending thousands of dollars on this you speak to your CPA and your attorney as they will understand your overall financial position and the risk.The question I love to ask is "what are you afraid of being sued for that insurance would not cover you on?"

So, if you don't know how to build financial models, there are some available that are pretty good online (adventures in CRE is a great resource).  

Building a strong financial plan, researching markets, assembling a reliable team, and having an exit strategy are essential steps to success.Good luck!

Working with a CPA or financial planner can help optimize tax strategies and ensure the best approach for your goals.This post does not create a CPA-Client relationship.