This is way more complicated than a simple residential lease.

Pick the best one and house-hack it.

Rehab holdback of $42,500.Loan Term: 12-month interest-only balloon note.Payments: Interest-only monthly in arrears with balloon paymentat maturity.Interest Rate: 9.99% fixed interest rateCollateral: A first priority lien on Borrower’s fee simple interestin the Property and the improvements thereontogether with any personal property owned byBorrowers related to PropertyPrepayment Penalty: noneLoan Fees: The following fees shall be due: (1) 3.00 points, pluscustomary underwriting, processing, legal,administrative and site inspection fees to (**) at closingof the loan; (2) $50 application fee due upon signing ofthe term sheet.

I found a mistake my cpa made last year related to REI (it was a simple one but it happens) This year I found a tax break I’m pretty sure I can use in the future that I would guarantee you he hasn’t heard of.  

That simple you think or have you found a different approach works better? 

It's very simple to make a spreadsheet that sounds great, realistically much harder. 5 single families are much more expensive, time consuming, and a hassle to deal with versus 1-2 properties that have 5 units total.

There are so many areas where things can go wrong with a simple partnership, and you (but especially him) want to be protected from an asset protection perspective.

Do any of you have experience in this area that would let me pick their brain over lunch on me?

I let the co-tenants pick the person they  want to screen first in this case since they are living with them. 

Final Note, my area is about 20 minutes from downtown St Louis across the river here in Illinois, investors from STL are picking off properties over here adding further scarcity.Just hoping to spark a discussion that might help me and others - where do you find your good buys?