A good team on the ground is definately important, even more for investors from abroad.

I will explain the difference using an (overly simplified) example where financial freedom is defined as a long term revenue stream of $5,000/Mo.

DON'T LIMIT THE WAY YOU DEFINE YOUR BUSINESS.

I would recommend taking some time to properly define your criteria.

Bottom line here is, you knowing how long you plan on having the home as your primary, will help to better define your strategy for it.Lastly...I haven't done my first investment deal yet, so others here can speak to you from that point of view.

. § 61 and § 63 go into further detail. 63 talks about your gross income minus the allowable deductions. 61 defines what income is.

He doesn't have a contract for starters, which would have defined what each of your responsibilities are.  

If the PML is asking for "Loan Protection Insurance", ask who that carrier is and why it is different from other security instruments that are well known to the legal community and well defined in state statute.

Treat it as a loan with a defined minimum principal and interest pay-off schedule.  

When you say you want to work with a partner, it would be helpful to define exactly what you want in a partner, and how that is going to work.