If I secure renters and show a lease agreement and deposit can I get into lower interest rate mortgage?

Instead of moving into another single-family home, consider house hacking a duplex or triplex, this allows you to use low down payment loans (FHA, conventional) and offset your mortgage with rental income, accelerating your path to financial freedom.

There is a multi-unit property that I'm interested in purchasing and a USDA loan would be great but all the mortgage websites say that you cannot purchase any income-generating property.

I heard that if you move the personal mortgages to an LLC they could get called and we would want to avoid that3.

If that’s the case, I’d recommend considering areas outside of Dallas proper where you can still find properties with strong growth potential.Cities like Prosper, Melissa, Princeton, and Anna are excellent options to explore.

We could make a decent down payment with the 40k, but due to us having little money left over at the end of the month, I'm worried about buying another deal with minimal cash left over after the down payment and not having two mortgages.

Owner carry financing, hard money for renovations, then refinanced into a long-term mortgage.

He is older and does not have a mortgage and there is a lot of deferred maintenance on the property.

Simply means that you live in one side, and rent the other side to help (or totally) pay off your mortgage.

Address potential risks by explaining strategies like maintaining emergency reserves, purchasing proper insurance, and conducting thorough due diligence.