We have been doing this constantly in Boise as we are such a high appreication market, but still more cost effective than CA.

You would need an extremely high grossing property under market value on a something like a 5 year lease to profit, and you probably will not profit after startup costs until Year 2 or 3.Do not even think of trying it with 1/2 bedroom apartments or condos nor 2/3 bedroom homes. 

Trash seems high.

At those price points I'm assuming this is a more cash flow area like the rust belt, or other mid west geography.

When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.

To raise capital, focus on building a strong investment thesis, leveraging your track record, and networking with high-net-worth investors or experienced GPs.

The positives are from the buyers prospective1- the ability to buy a property with little down payment2- the ability to obtain financing at below market rate3 -not needing to qualify for convention/institutional financing4- not having another debt on your PFS5 - not needing to pay points and other fees to obtain a new mortgage The positives for the seller are 1- can possibly sell a property in which they have negative equity without bringing cash to the closing table2 -expand the pool of potential buyers 3 -possibly obtain a higher price/ quicker sale 4 - can utilize a wrap to potentially earn the “differential” on interest rate 5 -May be able to save the Realtors commissionAll this being established, here’s the BIG question:  Can a subject to transaction be done where both parties are reasonably protected?  

@Amir PortalFort Worth (Southside): Affordable entry points with growing rental demand due to development and school proximity.Arlington: A solid mix of price points and strong rental potential, especially near UT Arlington or entertainment districts.Focus on areas with rising population growth, job opportunities, and low vacancy rates.

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

Many of these lenders allowing 2nds behind them are more expensive capital (10's - 13's in our current market [high rates - but now showing signs of coming down]).