Post ads on Craiglist/Postlets/etc with rent, minimum salary of 3x to be approved, no evictions, all positive references from previous landlords, clean background check.2.

So, student forms LLC, LLC gets property under contract, parents lend money and/or credit through a guarantee to LLC (and co-signor on note with lender) with promissory note and mortgage (will be second position behind commercial loan) back to parents, LLC closes on property, student manages property and makes payments to commercial lender and parents (which would rapidly build credit for him and the entity), and onward they go.

My question came up as a result of using the Rental Property calculator and looking at the future cash flow/return model...Most listings in my market (San Diego) don't come close to passing the 1% rule... however, I still run the numbers to start looking at how close I can get to positive cash flow and what has a bigger impact on the numbers (purchase price, reno costs, etc.). 

Make sure your numbers are right before getting into something like this (you make your money when you buy) and force appreciation to maximize equity position prior to approaching bank with REFI request.God bless.

Those will often pay your closing cost and down payment for you and help you get in a position to be a home owner.

They are given 1st position on the property, so should anything go wrong, they can take possession of the property and get most if not all of their money backHard Money + Partnership - You and your partner form an entity. 

If you are thinking of out of state, I caution you to wait till you are in a position to scale quickly. 

I was a salaried professional with as many as 16 rentals and I did a lot of my own work.

Let the property sit empty until you are fully educated on the finances of income property investing or sell it and be free from th eresponsibilities of managining properties and tennats.It only come down to th enumbers, do not make any decissions until you know the market. keep in mind most homes make for very poor investment income properties and will be more of a financial burden than a benefit.In your position I would have it listed with a real estate agent and sell.

While I do feel I am overpaying based on the arv value of the properties, I am comfortable with the price due to the owner finance and positive cash flow that the property generates.