Is there a way I can meet local like-minded investors in my area within BiggerPockets?

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Quote from @Aaron Zimmerman: I would look for other ways to legally reduce income such as cost segregation studies.

My best advice is to meet your lenders face-to-face at real estate clubs, conferences, or other professional events.

Pay special attention to #4 and #5.An LLC is useful for two things: anonymity and legal protection.

We have a RE attorney & mortgage broker to make sure our operation is legal & compliant.

Hey Santosh,As of right now you're extremely exposed regarding insurance and I'm going to assume legally as well.If the home isn't registered as a legal multi-family with the town that's something you'll have to correct ASAP and make sure the home is up to code.Insurance wise as soon as they find out what you're doing they'll cancel you as the risk has changed from a single family owner occupied home to a multi family owner occupied home.

Everything would be in your name and he would be at risk possibly even with a legal agreement.  

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

So, we decided to ride it out and go through the legal process.