Hey @David Cherkowsky , my advice is that if you do live in the DMV, you should try to at least purchase 1 asset while you are here.

Be proactive, stay disciplined & remain focused over long term investments towards wealth creation as well as financial independence.Good luck!

If you are more concerned with building equity and buying appreciating assets, you can target some of the areas in Philly that are closer to the 1% rule with the thought of building up assets to borrow equity from.

Costs are up, but so are asset values and potential rent increases.

Sell for $500K and put three $5 mil properties on your list - this is fine (and good if you're selling an asset and want to buy something larger).2.

I understand that there won't be any cashflow but the loan paydown and appreciation over time hopefully offsets not having cashflow.Legal and Financial Advice:Do you have any recommendations for legal or financial considerations we should take into account when formalizing this co-ownership agreement?

Depreciating asset?

Maybe you are more interested in acquisitions or asset management, so make sure you know what you want, and clarify that to the mentorship.

@Jeremiah Ellard IVThis appears to be a financial strategy question and not really related to the FHA 203k. 

An LLC is used for business related assets.A house-hack is a partially personal / partially business related assetAn LLC is normally best when personal and business are not 'comingled'best to talk to an attorney to see if you will get the asset protection you are looking for.