Talk to a real estate attorney or financial advisor to find the best way to do this.Good luck!

You also have to explore the STR versus LTR in that area to see which may offer a great NOI.If you ever have any specific questions feel free to reach out I enjoy helping and talking REI.

When your googling how to get blood out of hardwood, ok than talk to me about a "tenant nightmare".... 

Talk soon!

I'm thinking I may need to seal/coat the exterior walls - one person I talked to thinks moisture may be coming in from the walls and getting sucked into the soft bricks.

I am against being too leveraged and moving to acquire properties too quickly, but we are talking about your primary residence.  

Quote from @Susan McBride: You should talk to an attorney to ensure you have this set up correctly.

The third option (like bottom barrel) would be to continue renting and save for bigger downpayment and wait for interest rates to come down more.Financially we are in place to buy a home comfortably under $400k.

Set your investing criteria and continue searching.

Prior to talking with an attorney..Do you already have a good understanding of what your GP/LP structure will be?