You don't need to create a WY trust if the only rental you currently have is the basement.

There's what would be best practice for you as a host and there's what's practical in the current STR world.

Quote from @Dan Farsht: I am looking to connect with other hard money lenders in the upper Midwest (our business is currently concentrated in the Greater Milwaukee Area). 

Due to the current interest rates, you probably can't live for free, but you can definitely learn how to house hack in that first year, reduced your personal housing costs, learn the rent by room/co-living strategy on-site, and then probably break-even after move out, but most importantly, it is possible to make that work in 2025 with today's rates.It just takes being open-minded and willing to be flexible for the 1st year.  

We currently still have the AK condo rented out and have bought a house in Phoenix that we are currently are fixing up. 

I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants.

I don’t have any goals set at the moment, I’m currently brand new and gathering information. 

We are keeping our current house as a rental.

I'm currently placing a big emphasis here as I look to grow.As far as evaluating deals once you find one you're interested in, I think you get better and quicker the more you analyze.

Currently doing a gut rehab.