The current gross income is $2,700 per month or $32,400 annually, while the pro forma gross income after renovations would be $4,000 per month or $48,000 annually.

If you have a high personal income and can support the property if it needs cash, that helps, but is also not scaleable. 1.

All the other real estate in my businesses are counted as assets minus the debt liabilities for net worth purposes and the business income that comes to me is counted as part of my personal income.

Hello Devon,You can buy a new duplex with 5% down if you are living in it.You can use expected rental income to qualify.

The only thing that makes these properties turn key is the fact they are move-in ready for a lower income tenant with low expectations.

At this time the primary goal is passive income and then scale within 5 years as I gain more experience and network. 

Would that lower our tax liability from other income we receive or no because this is purely RE and not an operating business?

Co-living, on the other hand, mitigates this risk by creating multiple income streams.

Owning an asset is never a bad idea, especially if it's income producing.I would speak to a CPA about using cash from a WLI policy. 

.: Here's a good guide with links to the law: https://www.tenantresourcecenter.org/earnest_moneyIf you charge $25 and the credit screening costs $10, you can keep the $10 as income.