We have an opportunity coming up from a family member who is willing to sell us my childhood home for what they got it for (240k) and the comps in that neighborhood are 600k+.

Indeed, to stay in compliance with fair housing, you need to treat each tenant the same, so that's something to keep in mind. 

Ask your employer if you can have your pay split up into three deposits, one to investments savings, one to your checking account for personal use on a daily basis, and one to an emergency account you can tap into so you don't have to tap into your investment savings.

But if you give it to a chef, he can create wonderful culinary dishes. whether you chose to use it or not, it's totally up to you.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

Talk this over with a lawyer because under current state law, you will not be able to evict due to the cold.

Their might be some wiggle room if what is being collected comes in over the market rent however for the most part the market rent would be the preferred guideline and any deviation from that would be up to the lender that you are working with.

So if you discount a small amount to get rolling, that is something that can work, but don't want to stay low for long.You will start to get the dregs staying at your place and they can do some real damage to the place.

If it discharges 5 foot from the building and there is a low spot running back to the building, then it is going down hill back to the building.

For example if you think the house is worth 200K fixed up you need to pay 100K to afford the hard money loan and rehab budget and still have a profit.