Rent the other side of the duplex to a person you then employ as a full-time (or part-time) nanny.

The IRA funds would not be able to be combined with other personal funds as in your note above. 

I got the current owners (person who is selling me the property) blessing to post the house for rent right now with a move in date of August 1st if I wanted to. 

Would I be able to deduct depreciation against my personal w2 income without having rental income for the year? 

I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).

Most of the sites I've found seem to be more targeted towards investors, and not the person bringing the deal opportunity.

Hi Adam,If you hold a license and have been through the purchase process before with other agents, I personally would be open to doing it myself (I am also an agent and have done this very thing).

We have our own personal home, but are interested in the idea of having some rental properties to generate additional income and build wealth. 

Won’t return phone calls or emails. 

The common area language should dictate that personal items are not stored in common areas, it may also address maintenance of those areas, but you will need to amend it to address outdoor furniture and grills.