Very common scenario for sure, if it'd be helpful to look at some options feel free to reach out!

I’m happy to guide you through the process, share some success stories, and help you avoid common rookie mistakes. 

Gave him 10 months free space rent and paid for all his utility hookups. 

Things in your tax filing need to be really off to do this.Being a REP/active participant and using cost seg to offset a spouses (or your own if that's all you do) W-2 wages is fairly common practice.

The new pref equity is given priority to the original pref and/or common equity.

There's a specific forum for House Hacking.You'll want to spend some time reading through there as it's a common topic.

Every now and then something will slip thru like that, but it is not common anywhere in the country.#4.

Adding the current mortgage and utilities would be roughly $1,350 resulting in a profit of $650/mo.

Where I live mice are common as the cold weather drives them inside.

Alternatively, once you have a full time job (or an employment contract), you should be able to qualify for a loan and utilize a Down Payment Assistance program.