Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

These and 1000 other questions or concerns or issues that to me are potentially of vital importance to your purchase, your investment, your resale and exit strategy for the future.Real Estate is a team sport. 

Quote from @Ronald Rohde: Have you contacted a lawyer?

It’s great to have you here, and it sounds like you’re in a fantastic area with lots of potential.

Covering the mortgage isn’t an issue, but I’m considering factors like: Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out For those who have been in a similar situation, what did you choose and why?

Super helpful in finding potentially motivated sellers and calculating ARV quickly.

Adding more guests could strain the space and potentially impact the guest experience and neighborhood relations you've worked hard to cultivate.

So it's not really "extra coverage" for a landlord, but rather a setup that can potentially create problems and less coverage.

A trip to look for a good investment or to make some contacts that can potentially be lucrative. 

You could potentially put as little as 3% down if it's a single family home and 5% down for 2-4 units.