Hoarding is now considered a mental health condition, and thus a handicap and covered under the Fair Housing Act.

Unlike passive rental income, the income from an active trade or business is subject to self employment tax (a nasty 15% tax commonly referred to a "social security and medicare" by working folks).

@Vincent Park Form an LLC, enter into agreement as TIC (tenants in common) with this partner.

The common theme I see among many of these threads is that interest payments come on time, just like clockwork.  

The space seems crowded and the common factor is pretty high account fees.  

I am flexible and willing to do what is fair and common practice.

Cody has some really good tips, however the strategies he mentioned are fairly common and might not work as well in our market.

Its pretty common to make the property address be the name of the LLC and that was my plan but that involves not creating the LLC until at least after FINDING the property. 

I am looking at low down payment owner-occupied options through a portfolio lender at 5% with PMI, that will go away once reaching 80% LTV (so will get some extra cashflow after approximately year 7).In my analysis I account for Expenses including (common utilities, taxes, property management (10%), Long term maintenance (10%), short term maintance/repairs 95), legal, misc, vacancy (7%) etc, etc.)

She has since passed away, but her final months were better than they otherwise would have been, and her son's financial health certainly a crap ton better than it would have been (I caught him right before he was going to start missing payments, disqualifying him from any mortgage because his FICO was already shaky as it was).