I think build to rent is a great option if you can get cheap enough land to make it worth it.

For example, an algorithm can't compare a property that charges a flat fee for utilities vs one that charges based on use. 

This is not a one size fits all answer, but bad debt is non-asset based or depreciating assets - , credit cards, medical, buying dumb stuff.Good debt is debt used to make or grow your portfolio. 

I was able to land a tenant within the first month at $2200. 

Southwestern Michigan offers plenty of charm and is a destination place but would definitely make sure your ROI makes sense based on your long- and short-term goals with the property.

I would make sure you speak with a land use attorney on this

Maybe your wife would be willing to take a lump sum based on the equity in the Air BnB. 

Quote from @Cosmo DePinto: When applying for a DSCR loan, can you base the rent off a section 8 tenant?

I recommend you call a local agent or broker to give you a better lay of the land so you understand the challenges/opportunities in this area.

Working with a private lender can indeed come with challenges, particularly regarding qualifications and funding structures.For your cosigner, they typically will need to be a member of your LLC and the private lender will want them to hold 51% - depending on lender of course.Compensating your cosigner fairly is based on what both parties believe is fair.