BiggerPockets newest book is about private lending, and in that supplemental materials area, there are copies of forms and worksheets to help you along the way.

@Steven Bialeckihey thanks for all of this info. i might be able to offer some suggestions. i know the HML i work with allows use of other funds like heloc, loans etc. he offers a loan on the side to supplement the down payment. let me know if you want more info.

I do not feel it is my responsibility to provide social welfare beyond what regulations dictate (note assuming RSO, the regulations have dictated that I supplement this 102 year old lady that is not family the difference between market rent and RSO rent which could be over $1K/month).I question how many of you would supplement a tenant over $1K a month at the cost of your child living in a worse (typically less safe) location as a result.Let the tenant's family or the government supplement the 102 year old tenant's living if they see fit.

If we can generate enough supplemental income to allow her to do so, we would both be happier and feel more secure.

For individuals tethered to a W-2 job, this presents an opportunity to judiciously manage their tax liabilities while exploring supplemental income avenues.

If you can supplement or eliminate your housing expenses, that would have a much larger effect on your savings rate than an out of state duplex that maybe might cash flow $300-400 a month. 

I think it's important to use this as a supplement to prospecting and not as a singular source.

Thanks - I understand that part, I'm sorry I should have added what would be your strategy starting out assuming you had these options.I'm 40 now and would like to start acquiring more properties to supplement my retirement income and perhaps retire early (55).  

It's just a thought but the reality is we do pretty well as nurses up in the bay area and have flexibility of working 3, 12 hour shifts a week, which leaves us with a lot of room to work on our side hustle.The great part is, if you ever run into a situation were you need a little extra cash, you can always pick up a per diem gig and make a little extra on the side to supplement your RE journey.  

I think it would be safe to say that this was a bad investment and hemorrhaging monthly cashflow to supplement the mortgage would be a poor idea in the long run.