I think the only other similar option would be to decided to rent out rooms specifically and use the rest of the house as common areas...

Good luck deciding!

A whopping 4 years after being introduced to BP, I decided I needed to stop making excuses and jump into the real estate game. 

It’s up to you to decide if you have the time/knowledge to properly find, screen and manage your tenants or to hire a management co.

I would definitely check with him for rates and such before you decide with anyone else. 

Hi Wiley,I'm glad you've finally decided to post here on BP.

Firstly, on top of all of your regular due diligence with buying property, you'll need to decide if you're going to get a bank/finance company involved or is it solely going to be the seller providing all the financing.If you include the bank, you'll probably want to check with them in advance to see if they're ok with having the seller's mortgage behind them as they take rates and payments on the second mortgage into consideration for their approval.Once you and the seller both agree to terms, best to get lawyers involved who can draft up documents.

He would find a lot and determine what the best use for the property would be and then decide which company would benefit the most from that location.  

I am still new to this and learning as I go, but I have decided that this is what I want to do and would like to dedicate myself to this to be able to provide a better future for my family.Thank you and looking forward to your answers!

The thing to do is to decide on your operating agreement terms with your  partner.