Not everyone wants to do this, and I’m guessing your paying off your home was strategic for your personal finances and comfort level…but I’d absolutely look at the possibility of re-leveraging your personal home to buy some rental property.

I learned a lesson I actually preach on and that is to price strategically.

I think I'll ultimately rent it room-by-room but not for the first year or two while I live in and rehab, and while strategizing my next move (which will largely be dictated by COVID and the market).

You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Good luck and let me know if I can be of assistance.

This way if anyone wants to "grab you by the neck", you personally and the other two entities are safe.You can always get fancier when you get your first income to pay an investor savvy attorney and CPA to help you strategize where to take your business from here.To get more answers on these strategies always search Bigger Pockets or the net to deepen your education.

How do you formulate or think about that agreement?

I have an attorney in my state I work with but at $515/hr I like to minimize face time with him by formulating my thoughts beforehand by talking with smart folks like you.

Or would it maybe be more strategic somehow to both be on that first FHA-loan mortgage together?

In addition bought 100 bandit signs that I plan to strategically place.

I plan to utilize my resources and growing experience as a Realtor to strategically invest in KC wholesale properties.