@Dave Allen  I don't know if any lenders can comment, they may suggest a different type of loan but if you are half owners  I would think you would split the income but if you were living there I see why you did it the way you did.

People live there because they have no other options.

We own six units ourselves and know about renovations and take pride in where we live, especially when it's someone else's.We're looking for a SFH to rent in the Valley or West LA. 

I've thought about buying way below my means and just living in it for a year or two and turning it into a rental.

I found a duplex priced at $550k that appears in good living condition.

So, for many Syndicators with powerful track records, the raise may fill very quickly.If you are looking to gain access to live deals, evaluate projects in various markets, and even access projects in varying asset classes such as value-add multifamily, industrial, self-storage, etc., then you should consider connecting with a broker-dealer group.Broker-dealer groups provide access, due diligence review, and regulatory compliance for evaluating and participating in the syndication space.Always interested to connect and chat.Joe

Also is you purchase say a duplex and plan to live in one unit you can use the income from the second unit as long as there is a tenant with a 12 month history.

Plano is probably a better place to live vs buying rentals.This is where all the corporate relocations used to go about 25 years ago or more.Now most of those seem to move to Frisco and Proper.About five months ago I looked and in Frisco, Plano, McKinney, there were over 1000 homes for rent. 

Our living expense needs are pretty well handled by Social Security and pensions, so there is no crisis at hand.First unit is a $410k listing with no mortgage.

We live in Washington state, so this will be managed remotely.