Going in with a relative instead of single or with a spouse makes you lose the exemption.Normally, if you use an FHA loan, they expect the borrowers to live in the property.

However the monthly payments are still considerably lower than what I can afford, and I am also largely financially independent at this point in life.I scrimped and saved til about age 37....now I spend pretty freely as even doing so I have much more coming in than going out.

I specialize in probates and quite often the relatives have not paid anything and some heirs may not be local.

What is holding me back from being happy with this strategy is that I do not want to wait until retirement age to be able to withdraw these funds.

I too can relate to your struggle in finding a good REIA.

I currently work a corporate job but have always told myself that I will be a millionaire by the age of 40.

Assuming time is your most valuable resource, I would say skip the residential game and buy an aged LLC, LLC business or start a LLC, and prepare to do a multi/office/retail deal in commercial real estate.

The thing that popped into my head, because of having some very irresponsible relatives in my life, was that I hope she doesn't get used to not having a rent payment and rack up the rest of her bills, making it hard to pay rent once the lump sum ran out.

If your agent specializes in investment properties, then he/she should have an ecosystem of investment related professionals that could help you out.

So the work may be a bit harder since most (hopefully not all) of discussions are being USA only related.