Well since your an attorney and have taken the lead..

Look for properties where you can add value with smart, targeted renovations rather than going overboard.Financing Strategy: Since you're aware of the leverage risks, keep your financing options flexible and conservative.

If you ever see someone offering terms that are too good to be true, you might as well just post your SS# and banking information on IG.

Limiting leverage, for any loan ever = reducing lender exposure/risk.

@Adedotun Kembi Most lenders will only lend a total of 65-75% on a rental and at much higher interest rates due to the higher risk.

Your wanting to do high-risk via extreme leverage....via high risk OOS investing, committed to never being boots-on....... via high risk class c....... doing reno's to make habitable which is high risk at a level we should just call it EPIC risk..... 

Research the options available, compare their benefits and risks, and decide which approach aligns best with your goals and preferences.House hacking is a great start.

But in general, your biggest risks are not necessarily what's the maximum rent you can get, but can you find a reliable tenant that will always pay and pay on-time.

These policies also cover you in all other areas of life like car accidents as well.

That may keep your cashflow the same or even lower it a bit, but you have 4 assets that are appreciating instead of one, 4 mortgages that are getting paid off by the tenant, depreciation and you diversify your risk in 4.Regarding the tax question, you may want to talk to your CPA about that.