Make sure you spend a lot of time reading, learning, and meeting people before making the first investment.

Why would you spend the money on an appraisal now?

I have one for FTW but I want one for Memphos and Houston, the places I spend the most time for business.I dont have a trsted CPA / Atty for this but I also havent asked them. 

I guess I'm stuck with them for 1 year (or I guess I could spend $2100 to boot them). 

I’m willing to spend some money to “INSURE” I’m not left out.   

Not everyone wants to spend all their time with their kids..

Frankly, if you don't keep track of what you spend for business, real tax strategies is not your problem at the moment.

I would just be spending half as much and getting half as much equity.

Option 3: Find a better investment at this time.Stop thinking of yourself as a real estate investor and start thinking of yourself as a well rounded investor.Pay off your mortgage: Your money is not working for you when you spend it on liabilities like a personal residence.Buy Rentals with little/no cash flow: You are speculating what a rental will be worth in 20-30 years.

I would strongly recommend spending the money to meet with an attorney for an hour before you put anything in writing to your tenant.Good Luck!