I have a remodeled in law suite at my personal residence (my mom was there and passed away).

If they have a weakness in residence/rental history, income/employment history, financial/credit history, or legal/criminal history, but generally meet all of your significant requirements, then collect more security deposit to cover your risk.You can download an example of our Rental Criteria, as well as Tenant Screening Questions, from the BP File Place if you're interested in seeing some examples.

- This property is in a good area (about 1/2 mile from my primary residence), but is on a large lot with several trees and essentially no grass. 

It will likely depend on whether it's owner-occupied (do you live in it as your primary residence?) 

Using your primary residence as your own personal HELOC bank for BRRR strategies is very enticing.Tim SmithKennewick, WA

Andrew to be fair I think the buy a house with instant equity ship has sailed unless they are like you and these investor reside there have the ability to source pay cash hire their own crews etc and thereby EARN equity..

The property I purchased was originally my residence and it now a rental but for all intents and purposes I am brand new to real estate investing.I would love to hear from those who have used either of these strategies or any alternative ideas.

I purchased my primary residence with the intention of house hopping and renting it out, before i discovered BP.

You can use an FHA on up to a 4 unit residence. 

Will they be residents, are they relatives, etc.